New Blog – Sept. 12
September 12, 2018
Welcome to our blog! We’ll break down industry data, offer profitability tips and share expert advice to benefit hotel owners and operators alike.
In our second Crown Jewel, we focus on Increasing Revenue. Success in this area starts with a solid assessment – this means digging deep into historical & current performance and conducting site tours, interviews with mgmt team, etc. to paint a detailed picture of situation. Next, we take a close look at any and all guest feedback. This process can illuminate countless strengths and opportunities for growth throughout the project. Finally, it’s crucial to know your market! Identify what elements and/or experiences set you apart from the competition. Click on the video below for more invaluable tips to help you boost hotel profitability using these three steps.
The next time we meet, we’ll take a look at Improving Operational Performance. See you then!
US Hotel Data Update
The U.S. hotel industry has once again reported positive results in the three key performance areas as of August 2018. In a year-over-year comparison with 2017, the industry recorded the following:
Occupancy: +1.6% to 67.0%
Average daily rate (ADR): +3.0% to US$125.16
Revenue per available room (RevPAR): +4.6% to US$83.88
U.S. hotels have now posted 100 consecutive months of year-over-year RevPAR growth. Additionally, each of the key performance metrics are at record highs on a 12-month moving average.
*Data source: STR
Industry News
Pebblebrook and Lasalle Ink Major Merger
LaSalle Hotel Properties and Pebblebrook Hotel Trust have signed a $5.2 billion merger. This transaction might have become a bidding war if Blackstone Group had stayed in the race. Blackstone had been courting LaSalle for months but bowed out after LaSalle went with Pebblebrook’s most recent offer. Blackstone was given a 4-day period to put in a higher bid. Within hours, the private equity giant declined to rebid, allowing a Pebblebrook-LaSalle merger to move forward.
Crown Hospitality Consulting is here for all your hotel asset management needs!
Why Hire Crown Hospitality Consulting?
We leverage years of diverse industry knowledge and attention to detail to ensure you are able to focus on your core business. When you engage Crown Hospitality, it’s our committment to our clients to…
– Protect your time
– Minimize risk
– Maximize return on investment
– Imcrease hotel profitability
As your trusted advisor, we are the eyes and ears of your business, ensuring that every aspect of each project is executed with excellence.