In 2011 I wrote an article about the seismic shift in hotel asset management - a change in focus from operations and cost control to a more strategic view, incorporating revenue management.
Going through LinkedIn reviewing some of the key players in the field of asset management in the hospitality industry I could not help but notice that the shift of focus continues.
Many hotel management and investment companies today have not only added analysts with prior revenue management experience to their ranks but also include marketing and PR specialists.
Having done eight openings with Xotels over the past year, we have also seen that these areas of expertise are considered crucial for the success of a new hotel concept.
Just as with the big chains, the general manager is no longer the first to be recruited in the opening process of an independent hotel.
The role is changing from an executive position into more an operational level management position. The GM skillset has clearly changed as more and more functions, such as housekeeping and food & beverage, are outsourced.
During the development stage, more emphasis is now put on the strategic elements of the concept. There is a big change in philosophy and entrepreneurial vision happening in the industry.
No longer do companies depend on the all-encompassing knowledge of the general manager. Rather they are recruiting experts in each field, based on when this is required in the pre-opening timeline.
The industry now has a much more pragmatic approach to hotel management strategies.
Revenue management consulting and outsourcing services are now needed at the start of new hotel projects, whether the hotel is being developed by an individual investors, an institutional real estate developer or an established hotel operator.
No longer are companies only looking to hire people, but rather are looking for the best in their field, internal or external.
NB: Image by R_Tavani/BigStock
See also:The complete guide to online marketing and strategy for independent hotels (part one)(Nov16)
The complete guide to online marketing and strategy for independent hotels (part two) (Nov16)