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Complete Hospitality Study

For over 7 months, the author immersed themselves in extensive research and study of the hotel industry through reviewing works from hospitality experts, comparing university course offerings, speaking with industry professionals, analyzing hundreds of guest reviews and studies, and gaining advice from award-winning hospitality professionals, all in an effort to strengthen their understanding of the industry and pursue a career in hospitality.

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For the past 15 years I have provided outstanding customer service in the retail, transportation, financial and government Industries. Although I have been highly successful and have been recognized by my peers, employers and clients for my dedication and achievements, my current and long term goal is to transition that same passion and success to the hospitality industry. To ensure I could provide immense value to a hotelier, I began a process to educate myself on all the important attributes and challenges of the industry. The first objective was to determine exactly what those attributes and challenges were. To accomplish this task, I identified the most prestigious and influential hospitality schools & universities relying on professional publications and the internet (US News and World Report, The Princeton Review, The Journal of Hospitality & Tourism Research, and The bestschools.org etc...). Once I had a finalized list of the influential hospitality schools & universities, I went to each individual school’s website and compared the courses they offered vs. the other schools offerings. Any course or subject matter which was offered by multiple schools helped me pinpoint which topics to study. The next step was to gather the resources. The resources I employed consisted of internet searches, textbooks, and industry publications. Once I had studied all the material, my next step was to speak with a variety of hospitality professionals to obtain their perspective and guidance on further research via social media sites like LinkedIn and Facebook. Another strategy was to gain a greater understanding of guest perceptions regarding the hospitality industry. Ex: What amenities are most important to them? What are guest perceptions on the industry practices? What factors contribute to pleasant stays and which factors lead to dissatisfaction? To uncover the answers to these important questions I dissected hundreds of reviews onTripadvisor.com. Finally I studied a large sample of the J.D. Power and Associates 2011 Customer Service Champions to examine any common traits among these champions or if any unique trait existed. In addition, I was very fortunate enough to receive some advice from some of the AH&LA Stars of the Industry award winners and many of the major chain and top third party management winners. This presentation is a small sample of the hospitality topics I have studied and the statistics of the references I utilized. By the end of this presentation, I am confident that the viewer/reader will be convinced of the commitment I have to the hospitality industry and the benefits I would bring to a property or chain.
Hospitality Research Summary By Kirk Jensen 2012
For the past seven months in order to strengthen my understanding of the hotel industry and pursue a career, I immersed myself in the studies, research and works by some of the most experienced and knowledgeable personal in the hospitality industry. With the in-depth knowledge I acquired, coupled with my extensive customer service experience and Excel skill set, I firmly believe that I can provide significant contributions to a property or chain seeking a consummate team player with the right attitude and enthusiasm. For verification on how a customer service oriented professional such as myself could provide immense value, just copy these link to your browser http://www.hotelmanagement.net/guest-satisfaction-trumps-hotel-location-study-says http://www.hotelnewsnow.com/Articles.aspx/6454/ADR-guest-satisfaction-Opportunity- and-action These links provides reinforcement on the importance guest satisfaction is to a property and/or a chain.
Areas of Study Branding Loyalty-Satisfaction OTA- Intermediaries Pricing Guest Perceptions Revenue Management Food & Beverage Innovation Spa Industry Casino-Gaming Uniform System of Accounts Industry for the Lodging Industry
Areas of Study Golf Industry Workforce Scheduling Perceptual Mapping Rebranding and Rescaling The Most Important Economic Indicators Rate Fences Franchised vs. Independent Business vs. Leisure Travelers
Hotel & Hospitality Study Statistics Over 100 Hotel Brands 35 Free Standing Spas 6,477 Hotels including 437 Extended 59 Resort Based Spas Stay Properties 174,000 Stays Over 500 financial 208,541 Guests statements 100 Casinos & 120 Indian Gaming Hotel/Casino brands Over 150 Reports & Studies Over 200 PhDs and Industry Experts Over 20 Universities-Business Schools
Sampling of University-Business School Titles Assistant professor of Associate professor of operations services marketing management Associate professor Professor of innovation & of management and dynamic management and organizational professor of strategy behavior Associate Director of professor of the center finance of tourism research Professor of entrepreneurship Professor of and personal information enterprise systems Clinical associate professor in the School of Hospitality, Tourism, and Sports Management
Sampling of C-Level & Distinguished Titles Managing Director at The Peninsula Beverly Hills Marketing Analyst for the Venetian Resort Hotel Casino President of Smith Travel Research Vice President CWT Solutions Group, Asia Pacific Chairman and CEO of Revenue Analytics Marriott Professor of Lodging Management and Professor in Charge of the Graduate Program Executive Vice President of Marketing, Four Seasons Hotels & Resort Senior Vice President, Real CEO, Revpar Guru Estate/Asset Management Hilton Hotels Corporation
Sampling of C-Level & Distinguished Titles Retired President of the Four Seasons General Manager of The Mansion on Turtle Creek Executive Vice President of Operations of Embassy Suites General Manager of Disney's Polynesian Resort Brand Manager of Courtyard by Marriott Vice President of Hotel Operations Caesars Palace Brand Manager of Marriott Residence Inn President of Super 8 Motel General Manager Homewood Suites
Sampling of Accolade and Award Winners Who Provided Some Guidance Certificate of Excellence Award from TripAdvisor Condé Nast Traveler's “Best In The World" Readers Choice Award A U.S. News & World Report AAA Four Best Hotels in the USA 2012 Diamond Award Finalist Winner Expedia Insiders Select Hotel Wyndham Hotel Group's Outstanding Revpar Performance Award Winner Marriott International, Inc Hotel of the Year Winner InterContinental Hotels Group,"Torchbearer Award"
Branding Rebranding & Rescaling Brand Extension Brand Erosion Brand Positioning
Loyalty & Satisfaction The differences (if any) of one-time guests and frequent/loyal guests when selecting a hotel and their satisfaction level Should hotels offer loyalty programs to guests who book their stay on internet–based travel intermediaries? Do loyalty programs really work? Why casino loyalty programs outperform hotel loyalty programs The advantages-disadvantages-implications of loyalty programs from the hotel and guest perspective
Online Intermediaries and Online Travel Agents Advantages vs. Disadvantages of using intermediaries The ADR, Revpar, and Occupancy consequences of completely relying on, totally avoiding and successfully integrating online intermediary relationships The result of rate inconsistency among the online distribution channels and why rate parity matters. The rise, descend and reemergence of the online intermediaries and why they are specially targeting the hospitality industry
Pricing The financial dynamics of pricing rooms above and below a hotel’s competitive set during economic expansion and contraction Why GOPPAR should be implemented in addition to RevPar to measure performance Rack Demand- Rate Best Available Variable Based Rate Pricing Duration Controls Value Pricing FIT Rate Last Room Reference Availability Rate Fences Pricing
Guests Behavior Reactions and Perceptions How to quote prices to various demographic guests so they perceive the rates to be significantly more honest, acceptable, reasonable and fair Do guests become more receptive to industry practices over time? Does educating guests about costs, advantages and pricing practices alter their judgment of price fairness What service and quality means to each generation and what factors are important to them when selecting a hotel What attributes contribute Conjoint analysis & Discrete to the perception of price choice analysis (DCA)-based unfairness customer choice modeling techniques
Revenue Management Which hotel segments have historically utilized and underutilized revenue management pricing What are the biggest issues that revenue managers are facing and what aspects of RM need improvement How revenue management has extended to other parts of the hotel (space, spa, and food & beverage) How the type of hotel in addition to ADR and occupancy influences a hotel’s profitability What revenue management techniques are most profitable and least profitable in economic expansion and contraction
Revenue Management In terms of NOI percentage, what are the most profitable hotel types What are the most profitable hotels in terms of total NOI dollars The past and future of revenue management What is a bigger influence to a hotel’s bottom line, occupancy or ADR? How travel managers and industry consultants are advising their clients to handle revenue management contracts with hotels and why The application and measure of success of RM in other industries (NHL, MLB, PGA)
Food and Beverage The effect tipping, service-charge policies and service- inclusive pricing have on the perception of expensiveness What pricing policy has proven to be perceived as less expensive while simultaneously increasing average order size Optimal restaurant table configuration Which one of the brand equity attributes (brand awareness, brand image, brand loyalty, and perceived quality) has the strongest direct effect on revenue Which restaurant wait-list policies and fences do diners find acceptable and which ones do they the deem as being unfair
Franchising Loyaltyy & Satisfaction Is there a correlation between customer satisfaction and the percentage of franchised properties. Why franchises change brands Why independent hotels Advantages and and national chain hotels disadvantages of are joining forces being Independent vs. How independent hotels being part of a national brand can successfully compete with the large chains
Spa Industry How the design of the spa and treatment rooms can increase/decrease profits Global best practices for the spa industry Historically, what is the optimal number of treatment rooms to achieve the highest RevPat? The advantages & Backbar disadvantages of free Deductions standing spas vs resort/hotel spas How to Make Smart Cost- Cutting Choices Key components to spa revenue maximization
Golf Industry How the events of September 11, 2001 and the financial crisis of 2003 affected golf resort occupancies compared to the national average. In terms of ADR, occupancy and RevPar what is the difference in comparison to resort properties and the difference compared to all properties Perceived fairness practices in the golf industry
Why casino loyalty How to incorporate guest programs are more data to drive gamification and effective than hotel to help create customized programs? experiences. How Tribal Casinos Compare to Commercial Casinos What domestic casino regions have the highest gaming & accommodation satisfaction and why?
Innovation How to use interactive methods to elicit guest perceptions and the benefits those methods have over the traditional methods What different sources do business vs. leisure guests use as hotel information sources What internet/social media sites do female vs. male travelers consult for hotel information What information sources do travelers consult during the various stages of the hotel section process(beginning, middle and late stages).
Innovation What characteristics do technology –ready individuals possess What percentage of hotel internet searches convert to online reservations and where do searchers go if they switch to another booking method What demographic attributes differentiate guests who use the internet for hotel searches
Best Practices Best practices from some the industry's most prominent chains and properties: The Peninsula Hotel The Pierre The Breakers Hotel The Waldorf Astoria The Greenbrier The Boulders The Four Seasons Embassy Suites Hotel The Mansion on Turtle Creek Wyndham Hotels and Resorts + 74 otheir hospitality firms
J.D. Power and Associates 2011 Customer Service Champions
Guest Services Satisfaction How much and to what extent in the lodging industry does employee satisfaction mean and what it means to the industry’s best practice champions? What strategies do hospitality firms employ to increase employee satisfaction? What compensation systems more positively affect employee performance? The true costs of employee turnover (Hard, Soft, and Opportunity) Differences of satisfied stayers, satisfied switchers,
The The Resort Extended Industry Stay Market The MICE Corporate Segment Accounts Franchise License Cruise Agreements Industry Uniform System of Accounts for the Lodging Industry (USALI) Measuring Shoulder Season Housekeeping Revenue Performance Enhancement
Pre 1990 Hotel Industry Milestones In the 1980’s many hotel assets were highly leveraged, with loan-to-value ratios in the 75- to In 1953 Marriott becomes the 80-percent range and first hotel stock opening on the impossibly low debt-coverage NYSE at .25 a share ratios. In 1970 Hilton becomes the first billion-dollar lodging and food service company and the first to enter the Las Vegas market 1988 Extended stay 1983-Westin is the first major hotel segment introduced company to offer reservations and with Marriott's checkout using major credit cards. Residence Inns and VingCard invents the optical Holiday Corporation's electronic key card Homewood Suites. 1985 American Airlines announced the “Ultimate Super Saver Fare” which is widely viewed as the birth of revenue management
Post 1990 Hotel Industry Milestones In 1993 The hotel industry saw the beginning of a 5 year Hotel values fell by 9.8 percent surge. Hotel values in 1990. An Arthur Anderson increased at an study reveals that us hotels lost average annual rate 5.5 billion dollars of well over 20% In 1991 With the recession in full force and the Gulf War underway, hotel values fell by an additional 27.7 percent. Average occupancy dropped to 60.8 %, a 20 year low. Industry sees record losses, 61.8 percent. In 2001 the industry is rocked by the events of September 11. U.S. hotels lose 1995 Choice and Holiday Inn are more than $700 million in revenue in the the first to introduce online two weeks immediately following the booking capability. terrorist attacks 1996 Best Western celebrates its 50th anniversary, making it the oldest continually operating brand.
2000’s Hotel Industry Milestones 2004 After three years of declining In 2006 and 2007, the top 30 revenues, the U.S. hotel brands and the industry lodging industry as a whole increased the returns to positive hotel brand website booking profit growth. contribution to as high as 76.1 Twenty-four new hotel brands launched between 2005 and 2006, bringing the total number of brands to 210 (compared to 81 brands in 1980). The average daily rate (ADR) for a U.S. hotel room breaks the $100.00 mark. ADR reaches $103.87.
American Hotel & Lodging Association Market Metrix The Center for Hospitality Research at Cornell University Hotelrevenuetools.com PKF HotelExecutive.com. Hospitality Wharton – University of Pennsylvania Research HotelMarketing .Com The International Society of Hospitality Consultants Hospitality Asset Managers Association (HAMA) Hospitality Sales & Hospitalitynet.org Marketing Association Journal of Revenue International & Pricing Management WWW.HOTELSMAG.COM The American Customer Satisfaction Index
ASIA Spa Institute The Day Spa Association American Gaming HotelManagement.Net Professional Beauty Association Association IBIS World’s Health Spa Resorts market research report Valuation Resources.com Gaming Industry Observer HVS Golf Services Associated Bodywork and Massage Professionals International Society of Hospitality Consultants
Eagles Nest Hotel Luxury Ocean Front Rooms. Starting at $195.49 per Night Wishing You Were Here Book online and save at www.EaglesNest.Com Partnered with www.visitmyrtlebeach.com Like Us On Facebook
I initially considered a career in the hospitality industry when I accepted a finance contract position in the Edison NJ area. Since I didn’t know how long the contract employment was going to last, I didn’t want to sign a long term lease on an apartment so I rented a room on a monthly basis at an economy hotel. It was during this period that I acquired my interest in the hospitality industry. For approximately eight months I got to personally observe the operations of a hotel, from top to bottom. As I became more knowledgeable about the hotel environment, I also became more confident about the level of success I could provide to a property or chain and their operations. One of the reasons why I became very interested in the hospitality industry and why I believe I can provide significant value is because I realized that the factors that affect the success for a property or chain align perfectly with my personal strengths. Guest Services &Satisfaction- I started my professional career as a store customer service manager for a previous Fortune 500 electronics retailer where the store generated over $28M in annual revenues where my team and I were able to win three consecutive divisional customer service awards. That early success demonstrated to me the genuine, sincere interest and pride I have in satisfaction level of clients and guests. One of the findings I uncovered from studying the best practices of the hospitality industry is those companies who view customer service and guest satisfaction as a revenue generator rather than an expense are usually those with higher ADR, and Revpar compared to their competitive set. Also in my research, I came across an article written by the Executive Vice President of Marketing of a prominent high end luxury hotel where she stated “On a given day in one of our hotels, it has been estimated that i there will be more than 4,000 guest–staff interactions” . 4,000 interactions is a plethora of opportunities for a hotel to distinguish themselves from the competition, either good or bad. Teamwork- When a person examines what factors contribute to a pleasurable experience for a guest, some controllable factors include (Clean room, proper working devices, friendly staff and ease of check in & out). In most situations, those factors are administered by different personnel in different departments of a hotel. We all know that on a given day, anything can go wrong for a property, from something very minute to a big issue such as loss of power or non functional air conditioning or heating. Regardless of the issue, it is usually how the employees and management team handle the issue in the eyes of the guest which determines if the remedy was successful or not. To exemplify how important teamwork is to me, two of my managers had these to say about me and my level of teamwork “Kirk was always willing to offer his assistance”, and “He handles pressure well, and will voluntarily work on anything that is required to further the progress of the team”. Flexibility/Adaptability- Another attribute which seems to be a necessary ingredient for success in the hospitality environment which I have demonstrated is the ability to be flexible and be able to adapt to any situation. As an example, during the peak season or on an unusual busy day a guest service agent might have to exhibit a higher level of energy and operate with a sense of urgency and multitask. In the shoulder or low season that same agent might focus on ways to improve revenue, efficiency or increase occupancy. Included in the characteristics of flexibility and adaptability is the ability to prioritize and effectively communicate. I have exhibited these characteristics extensively in my career. The same managers have commented “For example, Kirk will answer and handle emails in between a lull in call volume coming into the center. He is never idle, always busy and productive. It is because of this work ethic that Kirk was Agent of the Month, two consecutive months. He won this first recognition his first month in the center! Kirk quickly caught on to the training that was necessary to support our client and was praised by the senior members of the team about his ability to capture minute details. This is just one example among many of Kirk’s superior skills and admirable work ethics.” i If Discounting Doesn’t Work, What Does? A Commentary on the CHR Report “Why Discounting Doesn’t Work” Barbara Talbott, Executive Vice President of Marketing, Four Seasons Hotels & Resorts http://www.hotelschool.cornell.edu/research/chr/pubs/reports/documents/b-talbott-cornell-article-oct-04-revised-by-gmt-grw-bt- revision.pdf
Favorite Hospitality Quotes “Whether you were a greeter at Wal-Mart or a sales manager or bookkeeper in another industry, these are skills that can transfer easily to the hospitality industry.” Cathy Keefe “When hospitality becomes an art it loses its very soul” Max Beerbohm “There is no hospitality like understanding.” Vanna Bonta “You’ve got to make your employees happy. If the employees are happy, they are going to make the customers happy." John Willard Marriott “The reason for our success is no secret. It comes down to one single principle that transcends time and geography, religion and culture. It’s the Golden Rule – the simple idea that if you treat people well, the way you would like to be treated, they will do the same.” Isadore Sharp “Employees must be motivated rather than managed” Embassy Suites “Technical skills can be taught to employees but without the right attitude and motivation the guest still may leave unsatisfied.” John Sharpe “Selecting employees with the right “attitude”, out-going, organized, and think on their feet” David Bowles. “Hotels attempt a market position in an effort to boost market share. In the end however, position is at the mercy of the customer.” Master the hotel business and the business of the hotel Hire for attitude, train for skill
Complete Hospitality Study

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Complete Hospitality Study

  • 1.
    For the past15 years I have provided outstanding customer service in the retail, transportation, financial and government Industries. Although I have been highly successful and have been recognized by my peers, employers and clients for my dedication and achievements, my current and long term goal is to transition that same passion and success to the hospitality industry. To ensure I could provide immense value to a hotelier, I began a process to educate myself on all the important attributes and challenges of the industry. The first objective was to determine exactly what those attributes and challenges were. To accomplish this task, I identified the most prestigious and influential hospitality schools & universities relying on professional publications and the internet (US News and World Report, The Princeton Review, The Journal of Hospitality & Tourism Research, and The bestschools.org etc...). Once I had a finalized list of the influential hospitality schools & universities, I went to each individual school’s website and compared the courses they offered vs. the other schools offerings. Any course or subject matter which was offered by multiple schools helped me pinpoint which topics to study. The next step was to gather the resources. The resources I employed consisted of internet searches, textbooks, and industry publications. Once I had studied all the material, my next step was to speak with a variety of hospitality professionals to obtain their perspective and guidance on further research via social media sites like LinkedIn and Facebook. Another strategy was to gain a greater understanding of guest perceptions regarding the hospitality industry. Ex: What amenities are most important to them? What are guest perceptions on the industry practices? What factors contribute to pleasant stays and which factors lead to dissatisfaction? To uncover the answers to these important questions I dissected hundreds of reviews onTripadvisor.com. Finally I studied a large sample of the J.D. Power and Associates 2011 Customer Service Champions to examine any common traits among these champions or if any unique trait existed. In addition, I was very fortunate enough to receive some advice from some of the AH&LA Stars of the Industry award winners and many of the major chain and top third party management winners. This presentation is a small sample of the hospitality topics I have studied and the statistics of the references I utilized. By the end of this presentation, I am confident that the viewer/reader will be convinced of the commitment I have to the hospitality industry and the benefits I would bring to a property or chain.
  • 2.
    Hospitality Research Summary By Kirk Jensen 2012
  • 3.
    For the pastseven months in order to strengthen my understanding of the hotel industry and pursue a career, I immersed myself in the studies, research and works by some of the most experienced and knowledgeable personal in the hospitality industry. With the in-depth knowledge I acquired, coupled with my extensive customer service experience and Excel skill set, I firmly believe that I can provide significant contributions to a property or chain seeking a consummate team player with the right attitude and enthusiasm. For verification on how a customer service oriented professional such as myself could provide immense value, just copy these link to your browser http://www.hotelmanagement.net/guest-satisfaction-trumps-hotel-location-study-says http://www.hotelnewsnow.com/Articles.aspx/6454/ADR-guest-satisfaction-Opportunity- and-action These links provides reinforcement on the importance guest satisfaction is to a property and/or a chain.
  • 4.
    Areas of Study Branding Loyalty-Satisfaction OTA- Intermediaries Pricing Guest Perceptions Revenue Management Food & Beverage Innovation Spa Industry Casino-Gaming Uniform System of Accounts Industry for the Lodging Industry
  • 5.
    Areas of Study Golf Industry Workforce Scheduling Perceptual Mapping Rebranding and Rescaling The Most Important Economic Indicators Rate Fences Franchised vs. Independent Business vs. Leisure Travelers
  • 6.
    Hotel & HospitalityStudy Statistics Over 100 Hotel Brands 35 Free Standing Spas 6,477 Hotels including 437 Extended 59 Resort Based Spas Stay Properties 174,000 Stays Over 500 financial 208,541 Guests statements 100 Casinos & 120 Indian Gaming Hotel/Casino brands Over 150 Reports & Studies Over 200 PhDs and Industry Experts Over 20 Universities-Business Schools
  • 7.
    Sampling of University-BusinessSchool Titles Assistant professor of Associate professor of operations services marketing management Associate professor Professor of innovation & of management and dynamic management and organizational professor of strategy behavior Associate Director of professor of the center finance of tourism research Professor of entrepreneurship Professor of and personal information enterprise systems Clinical associate professor in the School of Hospitality, Tourism, and Sports Management
  • 8.
    Sampling of C-Level& Distinguished Titles Managing Director at The Peninsula Beverly Hills Marketing Analyst for the Venetian Resort Hotel Casino President of Smith Travel Research Vice President CWT Solutions Group, Asia Pacific Chairman and CEO of Revenue Analytics Marriott Professor of Lodging Management and Professor in Charge of the Graduate Program Executive Vice President of Marketing, Four Seasons Hotels & Resort Senior Vice President, Real CEO, Revpar Guru Estate/Asset Management Hilton Hotels Corporation
  • 9.
    Sampling of C-Level& Distinguished Titles Retired President of the Four Seasons General Manager of The Mansion on Turtle Creek Executive Vice President of Operations of Embassy Suites General Manager of Disney's Polynesian Resort Brand Manager of Courtyard by Marriott Vice President of Hotel Operations Caesars Palace Brand Manager of Marriott Residence Inn President of Super 8 Motel General Manager Homewood Suites
  • 10.
    Sampling of Accoladeand Award Winners Who Provided Some Guidance Certificate of Excellence Award from TripAdvisor Condé Nast Traveler's “Best In The World" Readers Choice Award A U.S. News & World Report AAA Four Best Hotels in the USA 2012 Diamond Award Finalist Winner Expedia Insiders Select Hotel Wyndham Hotel Group's Outstanding Revpar Performance Award Winner Marriott International, Inc Hotel of the Year Winner InterContinental Hotels Group,"Torchbearer Award"
  • 11.
    Branding Rebranding & Rescaling Brand Extension Brand Erosion Brand Positioning
  • 12.
    Loyalty & Satisfaction Thedifferences (if any) of one-time guests and frequent/loyal guests when selecting a hotel and their satisfaction level Should hotels offer loyalty programs to guests who book their stay on internet–based travel intermediaries? Do loyalty programs really work? Why casino loyalty programs outperform hotel loyalty programs The advantages-disadvantages-implications of loyalty programs from the hotel and guest perspective
  • 13.
    Online Intermediaries andOnline Travel Agents Advantages vs. Disadvantages of using intermediaries The ADR, Revpar, and Occupancy consequences of completely relying on, totally avoiding and successfully integrating online intermediary relationships The result of rate inconsistency among the online distribution channels and why rate parity matters. The rise, descend and reemergence of the online intermediaries and why they are specially targeting the hospitality industry
  • 14.
    Pricing The financialdynamics of pricing rooms above and below a hotel’s competitive set during economic expansion and contraction Why GOPPAR should be implemented in addition to RevPar to measure performance Rack Demand- Rate Best Available Variable Based Rate Pricing Duration Controls Value Pricing FIT Rate Last Room Reference Availability Rate Fences Pricing
  • 15.
    Guests Behavior Reactionsand Perceptions How to quote prices to various demographic guests so they perceive the rates to be significantly more honest, acceptable, reasonable and fair Do guests become more receptive to industry practices over time? Does educating guests about costs, advantages and pricing practices alter their judgment of price fairness What service and quality means to each generation and what factors are important to them when selecting a hotel What attributes contribute Conjoint analysis & Discrete to the perception of price choice analysis (DCA)-based unfairness customer choice modeling techniques
  • 16.
    Revenue Management Which hotelsegments have historically utilized and underutilized revenue management pricing What are the biggest issues that revenue managers are facing and what aspects of RM need improvement How revenue management has extended to other parts of the hotel (space, spa, and food & beverage) How the type of hotel in addition to ADR and occupancy influences a hotel’s profitability What revenue management techniques are most profitable and least profitable in economic expansion and contraction
  • 17.
    Revenue Management In termsof NOI percentage, what are the most profitable hotel types What are the most profitable hotels in terms of total NOI dollars The past and future of revenue management What is a bigger influence to a hotel’s bottom line, occupancy or ADR? How travel managers and industry consultants are advising their clients to handle revenue management contracts with hotels and why The application and measure of success of RM in other industries (NHL, MLB, PGA)
  • 18.
    Food and Beverage Theeffect tipping, service-charge policies and service- inclusive pricing have on the perception of expensiveness What pricing policy has proven to be perceived as less expensive while simultaneously increasing average order size Optimal restaurant table configuration Which one of the brand equity attributes (brand awareness, brand image, brand loyalty, and perceived quality) has the strongest direct effect on revenue Which restaurant wait-list policies and fences do diners find acceptable and which ones do they the deem as being unfair
  • 19.
    Franchising Loyaltyy & Satisfaction Is there a correlation between customer satisfaction and the percentage of franchised properties. Why franchises change brands Why independent hotels Advantages and and national chain hotels disadvantages of are joining forces being Independent vs. How independent hotels being part of a national brand can successfully compete with the large chains
  • 20.
    Spa Industry How thedesign of the spa and treatment rooms can increase/decrease profits Global best practices for the spa industry Historically, what is the optimal number of treatment rooms to achieve the highest RevPat? The advantages & Backbar disadvantages of free Deductions standing spas vs resort/hotel spas How to Make Smart Cost- Cutting Choices Key components to spa revenue maximization
  • 21.
    Golf Industry How the events of September 11, 2001 and the financial crisis of 2003 affected golf resort occupancies compared to the national average. In terms of ADR, occupancy and RevPar what is the difference in comparison to resort properties and the difference compared to all properties Perceived fairness practices in the golf industry
  • 22.
    Why casino loyalty Howto incorporate guest programs are more data to drive gamification and effective than hotel to help create customized programs? experiences. How Tribal Casinos Compare to Commercial Casinos What domestic casino regions have the highest gaming & accommodation satisfaction and why?
  • 23.
    Innovation How to use interactive methods to elicit guest perceptions and the benefits those methods have over the traditional methods What different sources do business vs. leisure guests use as hotel information sources What internet/social media sites do female vs. male travelers consult for hotel information What information sources do travelers consult during the various stages of the hotel section process(beginning, middle and late stages).
  • 24.
    Innovation What characteristics dotechnology –ready individuals possess What percentage of hotel internet searches convert to online reservations and where do searchers go if they switch to another booking method What demographic attributes differentiate guests who use the internet for hotel searches
  • 25.
    Best Practices Best practicesfrom some the industry's most prominent chains and properties: The Peninsula Hotel The Pierre The Breakers Hotel The Waldorf Astoria The Greenbrier The Boulders The Four Seasons Embassy Suites Hotel The Mansion on Turtle Creek Wyndham Hotels and Resorts + 74 otheir hospitality firms
  • 26.
    J.D. Power andAssociates 2011 Customer Service Champions
  • 27.
    Guest Services Satisfaction Howmuch and to what extent in the lodging industry does employee satisfaction mean and what it means to the industry’s best practice champions? What strategies do hospitality firms employ to increase employee satisfaction? What compensation systems more positively affect employee performance? The true costs of employee turnover (Hard, Soft, and Opportunity) Differences of satisfied stayers, satisfied switchers,
  • 28.
    The The Resort Extended Industry Stay Market The MICE Corporate Segment Accounts Franchise License Cruise Agreements Industry Uniform System of Accounts for the Lodging Industry (USALI) Measuring Shoulder Season Housekeeping Revenue Performance Enhancement
  • 29.
    Pre 1990 HotelIndustry Milestones In the 1980’s many hotel assets were highly leveraged, with loan-to-value ratios in the 75- to In 1953 Marriott becomes the 80-percent range and first hotel stock opening on the impossibly low debt-coverage NYSE at .25 a share ratios. In 1970 Hilton becomes the first billion-dollar lodging and food service company and the first to enter the Las Vegas market 1988 Extended stay 1983-Westin is the first major hotel segment introduced company to offer reservations and with Marriott's checkout using major credit cards. Residence Inns and VingCard invents the optical Holiday Corporation's electronic key card Homewood Suites. 1985 American Airlines announced the “Ultimate Super Saver Fare” which is widely viewed as the birth of revenue management
  • 30.
    Post 1990 HotelIndustry Milestones In 1993 The hotel industry saw the beginning of a 5 year Hotel values fell by 9.8 percent surge. Hotel values in 1990. An Arthur Anderson increased at an study reveals that us hotels lost average annual rate 5.5 billion dollars of well over 20% In 1991 With the recession in full force and the Gulf War underway, hotel values fell by an additional 27.7 percent. Average occupancy dropped to 60.8 %, a 20 year low. Industry sees record losses, 61.8 percent. In 2001 the industry is rocked by the events of September 11. U.S. hotels lose 1995 Choice and Holiday Inn are more than $700 million in revenue in the the first to introduce online two weeks immediately following the booking capability. terrorist attacks 1996 Best Western celebrates its 50th anniversary, making it the oldest continually operating brand.
  • 31.
    2000’s Hotel IndustryMilestones 2004 After three years of declining In 2006 and 2007, the top 30 revenues, the U.S. hotel brands and the industry lodging industry as a whole increased the returns to positive hotel brand website booking profit growth. contribution to as high as 76.1 Twenty-four new hotel brands launched between 2005 and 2006, bringing the total number of brands to 210 (compared to 81 brands in 1980). The average daily rate (ADR) for a U.S. hotel room breaks the $100.00 mark. ADR reaches $103.87.
  • 32.
    American Hotel &Lodging Association Market Metrix The Center for Hospitality Research at Cornell University Hotelrevenuetools.com PKF HotelExecutive.com. Hospitality Wharton – University of Pennsylvania Research HotelMarketing .Com The International Society of Hospitality Consultants Hospitality Asset Managers Association (HAMA) Hospitality Sales & Hospitalitynet.org Marketing Association Journal of Revenue International & Pricing Management WWW.HOTELSMAG.COM The American Customer Satisfaction Index
  • 33.
    ASIA Spa Institute The Day Spa Association American Gaming HotelManagement.Net Professional Beauty Association Association IBIS World’s Health Spa Resorts market research report Valuation Resources.com Gaming Industry Observer HVS Golf Services Associated Bodywork and Massage Professionals International Society of Hospitality Consultants
  • 34.
    Eagles Nest Hotel Luxury Ocean Front Rooms. Starting at $195.49 per Night Wishing You Were Here Book online and save at www.EaglesNest.Com Partnered with www.visitmyrtlebeach.com Like Us On Facebook
  • 35.
    I initially considereda career in the hospitality industry when I accepted a finance contract position in the Edison NJ area. Since I didn’t know how long the contract employment was going to last, I didn’t want to sign a long term lease on an apartment so I rented a room on a monthly basis at an economy hotel. It was during this period that I acquired my interest in the hospitality industry. For approximately eight months I got to personally observe the operations of a hotel, from top to bottom. As I became more knowledgeable about the hotel environment, I also became more confident about the level of success I could provide to a property or chain and their operations. One of the reasons why I became very interested in the hospitality industry and why I believe I can provide significant value is because I realized that the factors that affect the success for a property or chain align perfectly with my personal strengths. Guest Services &Satisfaction- I started my professional career as a store customer service manager for a previous Fortune 500 electronics retailer where the store generated over $28M in annual revenues where my team and I were able to win three consecutive divisional customer service awards. That early success demonstrated to me the genuine, sincere interest and pride I have in satisfaction level of clients and guests. One of the findings I uncovered from studying the best practices of the hospitality industry is those companies who view customer service and guest satisfaction as a revenue generator rather than an expense are usually those with higher ADR, and Revpar compared to their competitive set. Also in my research, I came across an article written by the Executive Vice President of Marketing of a prominent high end luxury hotel where she stated “On a given day in one of our hotels, it has been estimated that i there will be more than 4,000 guest–staff interactions” . 4,000 interactions is a plethora of opportunities for a hotel to distinguish themselves from the competition, either good or bad. Teamwork- When a person examines what factors contribute to a pleasurable experience for a guest, some controllable factors include (Clean room, proper working devices, friendly staff and ease of check in & out). In most situations, those factors are administered by different personnel in different departments of a hotel. We all know that on a given day, anything can go wrong for a property, from something very minute to a big issue such as loss of power or non functional air conditioning or heating. Regardless of the issue, it is usually how the employees and management team handle the issue in the eyes of the guest which determines if the remedy was successful or not. To exemplify how important teamwork is to me, two of my managers had these to say about me and my level of teamwork “Kirk was always willing to offer his assistance”, and “He handles pressure well, and will voluntarily work on anything that is required to further the progress of the team”. Flexibility/Adaptability- Another attribute which seems to be a necessary ingredient for success in the hospitality environment which I have demonstrated is the ability to be flexible and be able to adapt to any situation. As an example, during the peak season or on an unusual busy day a guest service agent might have to exhibit a higher level of energy and operate with a sense of urgency and multitask. In the shoulder or low season that same agent might focus on ways to improve revenue, efficiency or increase occupancy. Included in the characteristics of flexibility and adaptability is the ability to prioritize and effectively communicate. I have exhibited these characteristics extensively in my career. The same managers have commented “For example, Kirk will answer and handle emails in between a lull in call volume coming into the center. He is never idle, always busy and productive. It is because of this work ethic that Kirk was Agent of the Month, two consecutive months. He won this first recognition his first month in the center! Kirk quickly caught on to the training that was necessary to support our client and was praised by the senior members of the team about his ability to capture minute details. This is just one example among many of Kirk’s superior skills and admirable work ethics.” i If Discounting Doesn’t Work, What Does? A Commentary on the CHR Report “Why Discounting Doesn’t Work” Barbara Talbott, Executive Vice President of Marketing, Four Seasons Hotels & Resorts http://www.hotelschool.cornell.edu/research/chr/pubs/reports/documents/b-talbott-cornell-article-oct-04-revised-by-gmt-grw-bt- revision.pdf
  • 36.
    Favorite Hospitality Quotes “Whetheryou were a greeter at Wal-Mart or a sales manager or bookkeeper in another industry, these are skills that can transfer easily to the hospitality industry.” Cathy Keefe “When hospitality becomes an art it loses its very soul” Max Beerbohm “There is no hospitality like understanding.” Vanna Bonta “You’ve got to make your employees happy. If the employees are happy, they are going to make the customers happy." John Willard Marriott “The reason for our success is no secret. It comes down to one single principle that transcends time and geography, religion and culture. It’s the Golden Rule – the simple idea that if you treat people well, the way you would like to be treated, they will do the same.” Isadore Sharp “Employees must be motivated rather than managed” Embassy Suites “Technical skills can be taught to employees but without the right attitude and motivation the guest still may leave unsatisfied.” John Sharpe “Selecting employees with the right “attitude”, out-going, organized, and think on their feet” David Bowles. “Hotels attempt a market position in an effort to boost market share. In the end however, position is at the mercy of the customer.” Master the hotel business and the business of the hotel Hire for attitude, train for skill