hotel sales
Q2 2024 Major U.S. Hotel Sales Survey
Daniel Lesser | July 22, 2024
By Daniel H. Lesser Despite the Federal Reserve’s aggressive monetary policy aimed at controlling persistent inflation, during the first half of 2024, the U.S. economy continued to demonstrate resilience. While strong growth in many subcategories of Gross Domestic Product (GDP) including consumer and government spending, investment, exports, and employment have many optimistic, the economic outlook is tempered by global geopolitical risks including on-going wars in Europe and the Middle East. Although the U.S. economic outlook remains positive, signs of a softening consumer are mounting within lower-to-middle-income households. While re...
Avoid Sales “CRM Overwhelm”: Focus on the Three Most Important Things Your Sales Tracking Tech Should Do
Doug Kennedy | June 26, 2024
As I make the rounds conducting hotel sales training, I am afforded the opportunity to peek into how hotel group and event salespeople are using a wide variety of what I collectively call “Sales CRMs.” This is because as part of our pre-training assessment, I get to preview the clients’ sales tech, and when time allows, we have participants do workshop activities in their sales CRMs. As a result, I have seen more if not all of the sales CRM systems offered (or endorsed) by top-tier brands, including legacy systems that have been “rolled up” by tech conglomerates. Additionally, having started in the hotel training field in my lat...
Knowland Announces Sub-Market Data Enhancement to Market Snapshot Report
KNOWLAND | May 22, 2024
Localized data enables hotel sales teams to quickly identify and pursue top local targets and new-to-market accounts, jumpstarting potential new business ARLINGTON, Va. — May 22, 2024— Knowland, the leading provider of data-as-a-service insights on meetings and events for hospitality, announced an advanced data enhancement, Sub-Market Filter, to its popular Market Snapshot Report. The new filter was added to Knowland search and dashboard functions, including Market Snapshot and New-to-Market capabilities, enabling filtering down to the sub-market level within larger markets, saving time and effort by pinpointing localized opportunities...
Hospitality Financial Leadership: Putting a Dollar Value on a Hotel
DAVID LUND | May 20, 2024
By David Lund Determining the current selling or asking price for a hotel is a bit tricky. Compared to estimating the present value of a house it’s more like a detailed math exercise rather than a google search on Redfin. That’s what this piece is all about, how you can estimate the value, AKA sales price. Commercial real estate firms specializing in hotel valuations are what your bank is going to require that you use if you’re asking them for financing to buy a hotel. That makes sense because the bank will want to protect their interest. If you own a hotel and want to sell it you can go that route as well but it’s not like two ...
Understanding the Current State of the Hotel Transaction Market
Eric Guerrero | May 15, 2024
By Eric Guerrero, Josh Williams The hotel transaction market continues to face significant headwinds. Investors are still concerned about the prohibitive cost of debt, and with the chances of a summer rate cut from the Fed becoming slimmer, expensive debt may remain for the foreseeable future. Additional challenges to getting deals done are the bid-ask spread, rising operational costs, and extensive change-of-ownership property improvement plans (PIPs). As ownership groups consider placing their hotel assets on the market, they should consider how these headwinds are affecting buyer underwriting so that they have realistic pricing expectat...
What It Really Takes To Book More Groups, Meetings, and Events These Days
Doug Kennedy | May 14, 2024
By Doug Kennedy Today’s hotel and event salespeople work in completely different environments than most of their leaders experienced. Meeting and event booking sites have created a flood of leads, which can be overwhelming for those working in a sales role equipped and staffed for the era when leads came in by phone or website inquiry forms. When revenues drop, salespeople are required to meet prospecting quotas, based on a set number of calls, sent emails, DMs, or door knocks. Yet calls go to voicemail, emails go to spam, random DMs go unread, and the office doors being knocked on are either locked, or if open, there’s no one at th...
Reservations Sales Agents: It Is NOT Our Job To Tell Them What’s Available; It IS Our Job To Help Them Decide! Complimentary Registration Now Open f
Doug Kennedy | May 9, 2024
Sponsored By Travel Outlook, Better Talent, and Track Hospitality Software Register your team and participate live, or view the recording, of Doug Kennedy’s next 40-minute training webcast scheduled for Friday, May 17, from Noon – 12:45pm EST. REGISTER HERE “As evidenced by the pre-training mystery shopping our team provides for new clients, an awful lot of reservations sales agents do little more than find out the caller’s dates and number of people, and then quote them the same rates the caller has already seen online prior to calling,” said KTN President Doug Kennedy. “When you think about it, this approach is like treatin...
Q1 2024 Major U.S. Hotel Sales Survey
Daniel Lesser | May 2, 2024
By Daniel H. Lesser While the U.S. economy continues to expand and is currently a major driver of global growth, inflation has recently ticked up after falling considerably from a peak of 9.1% nearly two years ago. Many now perceive that in the near term, the U.S. Federal Reserve will not reduce borrowing costs, and some anticipate a resumption of raising rates by early 2025. Unless a severe economic downturn occurs, interest rates are likely to remain relatively elevated for an extended period. A tight labor market and strong household net worth have led to remarkable resilience in U.S. consumer spending as Americans continue to enjoy...