Maxine Taylor, CHAM, senior vice president of CHMWarnick, and president of the Hospitality Asset Managers Association (HAMA), has the following advice for hoteliers looking to increase the value of their hotel assets.
Have a bird’s eye view.
“Every piece of the business is important—how you conduct contract negotiations, benchmark and evaluate expenses, develop strategies for driving revenue, stay on top of the latest technology, understand and apply new industry accounting practices—should all be taken into account when you’re making a plan.”
“Market conditions are changing so rapidly; you have to stay up on the trends.”
Know your market.
“You have to understand your asset and what its demand generators are. Only then will you be able to create and implement a plan that will help you get to where you want to be.”
Be willing to take risks.
“There is going to be some trial and error involved. If something doesn’t work, don’t dwell on it, just jump into something different. Don’t be afraid to try something new, because waiting and seeing what happens never works.”