There are so many different facets to the business of responsible hotel ownership that seeking advice on hotel asset management should be undertaken very early on in your project’s development. A hotel’s assets service both its customers as well as the brand’s image and reputation.
The best advice a hotel asset management company can offer is; everything in your hotel can be an asset if it’s managed properly. Hotel assets generally fall into one of two categories. There are physical assets that you purchase as part of a hotel’s development and operational budget. These can run the gamut of the towels you provide for your guests to the swimming pool you highlight in your brochures.
And then there are the assets you develop over time that serve to cement your hotel’s image and reputation. These assets may be harder to assign a value to, but they are genuine all the same. Employee training, marketing efforts, and effective communication between departments in your hotel are some of the assets that need to be developed over time, but make a difference in your hotel’s profitability.
These are the assets that mostly are responsible for keeping guests happy in your hotel. From the guest’s perspective, they translate to efficient and prompt service, effectively addressing customer requests, and providing all the information your guests need to know about staying in your hotel and your upcoming events.
When and Where to Start
From the moment your hotel project becomes financially viable, you should seek the advice of a hotel asset management company. They can both steer you down the right path in your procurement practices and guide you in the ways to increase the value of your brand. Both take some time to master, so it’s better to be on top of it from the start than to waste time and money in catching up later on when you’re halfway down the wrong path in your hotel development.
Purchasing and managing physical assets is an ebb and flow process that depends partly on your suppliers their products and to a large part on your preparation. Training staff in how to maintain physical assets effectively should be factored into your development costs, as proper maintenance slows the inevitable depreciation of physical assets. By getting this depreciation down to the bare minimum, you are effectively adding to your future profits.
Never Too Early to Begin Marketing
Another valuable piece of advice from a hotel asset management company is that it’s never too early to get your brand name known to prospective guests. It doesn’t matter if it’s a year down the road to when you’ll open your doors to guests, by starting your marketing as early as possible, they’ll become familiar with your name and you’ll start to build a reputation based on your concept.
Seeking advice on hotel asset management can save you both money and headaches, the closer you get your hotel’s grand opening. Every hotelier should seek out the best asset management company to partner with, and they should heed the advice of their partner all through the development of their hotel.