Being a structured and comprehensive approach to the management of a range of investments, asset management ensures that these investments make the maximum return for all of the stakeholders involved. When applied to the commercial accommodation industry, hotel asset management refers to managing the performance of the hotel, with respect to the portfolio value and property level management.Specialist consultants with expansive experience in hotel asset management provide added value knowledge and implement systems that create tangible benefits to the bottom line profits of the business, its operational efficiency, customer satisfaction levels and contributing to the increasing value of the property. Working closely with owners, managers and other senior staff in the various operations, professional consultants who specialise in hotel asset management develop and execute actions and strategies that result in short and long term tangible benefits.
However, the question still remains as to how is this achieved? Through a detailed management and action plan, the first stage is a process of benchmarking the asset performance of the hotel. This provides the initial analysis required to ascertain the Assets Management Software - Interesting Tip For Software Asset Management Tools
hotels current and past performance levels; as well as accessing the data that will form much of the management strategy for the hotel asset. This strategy will cover all aspects of the management of the premise, including the negotiation of management contracts, financial planning and advice, the evaluation and continued improvement of company management performance, staff and employee relations, integrating operating and capital budgets and implementing a structured approach to the analysis of risk of any individual assets and the asset portfolio.In the process of monitoring financial and operational performance, competent and experienced hotel asset management professionals will review the current performance of the property against the projected and previous budgets set. The benchmarking of future performance will be measured against the hotels past performance, future strategy and the performance of comparable properties and operations; and outlines the process of monitoring the effectiveness of the revenue strategies in place. Additionally, the activities of sales, marketing, along with the measurement of customer satisfaction levels, are closely monitored
to ensure the goals of the hotel asset management strategy are achieved.
The channels of revenue will be closely monitored to evaluate where the majority of revenue is being generated from, as well as provide valuable data into how to streamline and optimise managerial and marketing activities to best attract and convert potential customers and increase the triple bottom line operational performance.