Top 6 Hotel Success Factors
What makes some hotels more successful than others? It is true that the selection of a site, market, brand, and management team are crucial to the success of a property. But after many years at HVS in the Consulting & Valuation division, and hundreds of consulting assignments later, I contemplated the question, "Aside from these things, what really makes some hotels work?"
In this article, I share what I believe to be some of the most important factors that must be considered in the acquisition or development of a hotel, which ultimately lead to a property's financeability, profitability, and long-term success. I have focused on owners, developers, or hospitality teams that consistently outperform the market with their acquisition or development projects, and have set to distill their priorities into an easy-to-understand summary. While some of the points below may not be anything new to some, it is important to keep in mind that it is the fact that these are considered apriority, not an afterthought, that leads to the success of hospitality projects.
Source: Hospitality Net