It doesn’t seem like the hotel industry is going to stop consolidating any time soon. Andrew Firestone is a founding partner at StonePark Capital, a development company based in Santa Barbara, Calif., with a portfolio that includes three La Quinta hotels—a brand which Wyndham acquired in May 2018. Firestone offers a few pieces of advice for hoteliers whose properties fly the flag of a recently acquired brand.
1Stay away from trends.
“Trends always present a challenge. What’s going to be the next hot thing? Is the trend a blip, or does it have staying power? That’s why we pay attention to trends, but try to build hotels, guestrooms, and a guest experience that’s primarily comfortable, efficient, and works in the market,” Firestone explains.
2Leverage the company’s scale.
“Now that we’re in the Wyndham system, we have access to more brands, more outlets, and a big system. It has great opportunity, but it has challenges as well. Make sure that you’re able to merge quickly, get on their platforms, understand, and use all of these tools. You can get lost in the shuffle if you don’t,” Firestone says.
“There have been some headaches with transitioning systems, but the opportunities far outweigh those challenges,” Firestone says. “Being able to use all of the resources that Wyndham has in terms of sales and distribution has been a boon for us so far—we just had to start using them.”