By Joe Zarrahy, HMG
Choosing the right hotel management company is imperative to the success of your hotel. Here’s what to consider.
Whether you have a hotel already, are in the process of acquiring one or have plans to build one in the near future, you’re going to want to do everything within your power to maximize your investment, right?
Of course, and there are numerous methods and strategies to do so, but there is one key step that must be taken first – hire a hotel management company.
Where to Begin When Seeking a Hotel Management Company
But, where to begin? There are many companies to choose from, begging the question – what should one look for when exploring hotel management companies?
Don’t make any hasty decisions! It’s imperative you find a good fit so your precious hotel will thrive.
What Sort of Hotels Does the Company Already Manage?
Not every management company specializes in all hotel types. This is a great first step – look for a hotel management company that specializes in managing hotels like yours. Meaning, is your hotel urban, rural, branded, independent, full-service or limited-service? Managing a branded hotel is singularly different from managing a small boutique hotel.
Simple – References.
One of the best ways to judge the capabilities and success of a management company is to ask around! Not only can you request formal references, but you can also put the word out within the hospitality industry and see what other hotels have to say. Chances are it won’t be difficult for you to find other hotels managed currently, or previously, by companies you’re considering. See what they have to say. If anything negative comes up, ask the management company about it, there are two sides to every story after all!
Are They Able to Provide the Exact Services Needed?
Different management companies provide different services, but many of the basic services are more or less the same. For example, every management company should oversee renovations, capital improvements, ongoing property maintenance at the hotel, consulting services, asset management and many more. Also make yourself aware of what they don’t do, or what services aren’t included. It’s easy to get excited over what is included, but try to think ahead of what you might need that isn’t included, and see if they’ll meet you halfway.
Location of the Management Company in Reference to Your Property.
It’s imperative that the management company is close enough to get onsite whenever needed. A management company halfway across the country won’t do much good if actions must be taken onsite, not to mention the added expense of transporting the team over.
Lastly, Always Consider Which Company Feels Like a Good Fit
It may not be uncommon to find a few companies that all fit the bill. There are lots of hotels, and as a result there are lots of hotel management companies. At the end of the day, it’s important to listen to your instincts. You’re going to be trusting these people with your asset, not to mention working closely with them. Choose a company who fits your qualifications as well as makes you feel safe, taken care of and excited for a bright financial future.