As a hotel owner or real estate developer contemplating the construction of a new hotel, you want to ensure you are maximizing the investment you have made in 'bricks and mortar'. With many management companies to choose from, where do you begin this search?
When looking for the 'right fit' for your hospitality management company, you should consider the following key points in your search:
Previous Management Assignments. There are many different types and styles of hotels today (full-service and limited-service; branded and independent hotels; rural locations and urban locations). The hospitality management company you are interviewing should have experience and knowledge of the hotel segment your property competes within.
Geographic Location Of The Management Company. Direct access to the property by an experienced hospitality management Director Of Operations and other corporate support staff is important to the oversight of the property.
References. Check the references and explore the past business relationships that are provided to you by the hospitality management company. You will want to ensure that these references include properties and assignments that are similar to your location and your asset.
Services Provided By The Management Company. A hospitality management company should be able to oversee capital improvements, renovation, and ongoing property maintenance at the hotel. Many hospitality management companies do not provide services to implement a Product Improvement Plan (PIP). Also, the hospitality management company should provide asset management, or consulting services for the ownership entity of the property, and understand your relationship with your lender, and act on your behalf.
Corporate Support. A hospitality management company should have dedicated professionals that will oversee and support the hotel in key areas of business management such as negotiated purchasing contracts, sales and marketing oversight (especially in terms of e-commerce), technical support staff, accounting and financial controls, human resources, and insurance.
For more information about hotel development or management services with Kinseth Hospitality Companies, please contact Jeff Schrader at firstname.lastname@example.org or visit www.kinseth.com
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