Considerate Hoteliers participated in the panel session Small Tweaks, Big Wins at The Annual Hotel Conference this morning. The topic of discussion was: Asset managing your way to better bottom-line performance should be easy. You just need to know how to do it. Learn the secrets from our panel of experts”.
My fellow panellists were Peter Banks, managing director Rudding Park Hotel, Spa & Golf and Ben Godon, CEO, Vision Hospitality Asset Management. The moderator was Terence Baker, reporter, Europe, Hotel News Now.
The panel session started by covering the challenge TRevPAR vs RevPAR. How does one warn owners or investors not to seek unrealistic returns or to thrash the business to an inch of its hide to reduce the cost base, but rather learn to develop TRevPAR?
From a sustainability perspective, TRevPAR is a key aspect to running a business responsibly. Considerate Hoteliers also encourages future-proofing hotels by taking into account the Co2 per available room. Energy efficient equals cost efficient! We suggest that leaders let their employees benefit financially too, if they manage their hotel resource efficiently. The ownership of these savings can drive employee engagement, which in turn increases loyalty and retention rates.
Operator-owner alignment was also discussed, which is often perceived as a Faustian pact, given that owners often lack the skill and understanding of how a hotel should be run. Considerate Hoteliers standpoint is that if the owner is in it for the long run, he/she will be vested in making the property sustainable for the future value of the asset, therefore demanding asset managers and operators to engage in the long-term vision too.
The session briefly touched on bench-marking, but for more details around how sustainability can me measured and compared in data format, we have launched our sustainability index in the Hotel Owner magazine.
It was a real pleasure to be part of this vibrant AHC event and share a panel with two professionals of the calibre of Peter and Ben.