Families and partner hotel groups have special needs and considerations – they have to be tailored to changing circumstances and are dependent on the skills and interests of the vested individuals rather than a predetermined and more corporate structure.
The needs of the owner/s and portfolio status may include
- Changes in family dynamics and needs
- Changing environment and neighborhoods around one/some hotels
- Increases in supply
- Change in demand generators
- Brand upgrade requirements
- Repositioning opportunities to a more suitable brand
- Property age
- Acquisition and/or development opportunities
- Inheritance and succession planning considerations
Results are best realized within the framework of a strategic and anticipatory plan; whilst partnerships are governed by the agreement of its partners, families may operate on a different dynamic. RevMax Hospitality Consulting Services has developed a specialty skill and experience in working with families and can assist in the discussions and plans to formulate a prudent and practical outcome.
PRACTICAL STRATEGIES TO MAXIMIZE PROFITS