Strategic Asset Management Services
Hotel asset management is the fiduciary responsibility of managing the lodging investment to meet the specific objectives of ownership. Our role in building value is analyzed at both the portfolio and property levels. We apply the latest techniques in asset management and provide insight into current lodging-market and operational challenges. Offer expert evaluations in areas of management contracts, managing the manager, benchmarking property performance, and the capital improvement decision.
Acting as an advisor to hotel owners, Merit Hospitality Services performs as their representative. In this role, we become “the eyes and ears” of the client relative to their at-risk investment and, in many cases, becomes “the arm” of the client in implementation necessary change at the property. MHS serves as a counter-balance to the day-to-day management company and ensures that the operator is managing effectively.
There is constant monitoring of financial and operating outcome while maintaining the level of service most suitable to the property type and market. MHS does not attempt to apply standardized methodologies to a hospitality property. Rather, we approach each project as an exclusive assignment and use creative thinking, structured analysis and common sense for strategy formation and to develop plans to enhance property performance. The competitive environment is examined to determine the distinctiveness and operating performance of comparable projects. This analysis combined with a comprehensive market assessment enables us to correctly position the product and identify marketing opportunities, as well as recommend possible improvements to existing operations to increase market share.
In addition, review of annual budgets, analyze performance, examine options for expansion and revitalization, prepare pricing strategies, assist in operator selection and formulate action plans to maximize financial results. Our strategy formation addresses several aspects including:
- Benchmarking asset performance
- Assessing management companies and negotiating management contracts
- Evaluating management company performance
- Owner-operator relationships
- The hold-versus-sell decision
- Developing operating and capital budgets
- Risk analysis of individual assets and asset portfolios
Strategic Management Consulting Services
We center on taming long-term relationship through robust dialogue and strategy formation for each asset. Our focus is on people development knowing that our success is supported and executed by the hotel staff. The hotel General Managers are our partners and they play a key role in strategy formation and implementation of our plans. We formulate an executable plan based on the following perspectives.
- Customer Perspective
- Internal Business Perspective
- Financial Perspective
- Innovation and Learning Perspective
There is strong emphasis on sales and marketing. Collaborating with the hotel sales & marketing team a functional marketing plan is generated, which is then monitored closely for execution. Our executive team becomes an extension of the hotel sales staff and enhances the revenues through the vast network of resources. Our strategic sales and marketing plans typically consists of:
- Pricing Strategies – Room Rates and other revenue outlets
- Guest Relation Strategy – Guest retention program and Guest satisfaction
- Cluster Formation – Improving brand/product awareness
- Designing New Market Offering and packaging
- Setting Product and Branding Strategy
- Sales Promotions, Advertising, Public Relations and Direct Marketing
For further details and proposal request please contact:
Sabir Jaffer
Merit Hospitality Services – Guaranteed RESULTS for hotel owners!
sabir@merithospitality.com - 310-714-9900