US-based hotel owner/operator Tishman has a track record of developing and managing large-scale, world-class hotel assets in major markets.
Part of Tishman’s portfolio includes three Walt Disney World resorts, The Westin New York in Times Square and the Hilton Garden Inn Lake Buena Vista. In total, the company’s hotels have 7,172 rooms, 38 restaurants and 861,000 square feet of meeting space.
Its newest addition, The Delta Hotels Orlando at Celebration, is currently undergoing a $35 million renovation. Work on the 718-room property, located just 1.5 miles from Walt Disney World, is expected to be finished early this year.
Tishman Hotel Corporation is the asset management arm of the company and provides management services for Tishman’s portfolio of hotels as well as select external clients.
As an owner/operator, financial performance and asset value are top priorities. To ensure that all assets perform at their best, Tishman Hotel Corporation focuses on:
- Revenue Management Strategies
- Financial analysis
- Cash flow management
- marketing initiatives
- operational support
The corporation’s revenue management expertise also supports Tishman Realty in its real estate and development endeavors, including space planning to maximize future revenue streams and minimize related expenses. The team analyzes market trends and submarket segmentation to understand the optimal room product, hotel positioning, and the most efficient method to deliver maximum ROI.
We sat down with Suzanne Swafford, SVP of Revenue Management, Tishman Hotel Corporation, to find out what she thinks are the challenges and trends to watch out for in 2023.
accept the change
Changing guest expectations, staff shortages and the industry’s reluctance to change were just three challenges Swafford believes the hospitality industry needs to consider when planning.
“Hotels have always been slow to change, but today’s consumer seeks unique and individual experiences. Hotels must keep in touch with the changing needs of guests and be ready to move quickly as those dynamics change,” Swafford advised.
“In addition, a shortage of qualified people and companies not accepting flexible work opportunities have left some hotels with lackluster talent in many departments,” he added.
Continuous investment in technology
Despite many industry analysts talking about a recession, Swafford believes technology investment should remain on the agenda.
“I imagine some technology spending will slow in anticipation of a recession, however I think automation that will optimize efficiency and costs will remain strong,” he said.
For Tishman Hotel Corporation, automating many of the revenue management processes, such as pricing and restrictions, is a top priority for 2023.
However, Swafford believes more needs to be done to encourage the digitization of the industry, including providing platforms that easily turn data into useful information for operators.
Focus on total revenue and profitability
Looking ahead to what he believes will be the most important trends in revenue management in 2023, Swafford believes that hotels must move forward with a focus on technology and profitability.
“Continue to incorporate real-time prospective data for both the hotel and the competitive set for strategy development and continue the drive to drive TrevPAR and ProfPAR rather than just a RevPAR approach,” were his two main trends. .
The data is critical to Tishman Hotel Corp’s revenue strategy for the coming year. And while the markets are still uncertain, Swafford said it’s hard to pinpoint what the optimal strategies will be in terms of pricing, distribution and management costs.
“For convention hotels and cities, the group is and always will be the focus; hotels in the city center seek the recovery of business trips, while destinations will continue to depend on the group with a mix of leisure. OTAs will continue to be a consistent generator for all types of transient business and lean on as a resource to drive volume on off-peak days of the week and times of the year,” he said.
“I think we’re still in recovery mode in the sense that we don’t quite understand how the trends will eventually level off. Until then, I don’t think channel cost is as important a factor as volume and price,” she added.
This post originally appeared on the Duetto’s website and is reproduced with his permission..
