TFG Asset Management, an expert in hotel, real estate and retail management, is to reveal top tips for hotel industry best practice in a monthly Asset Management Guide.
The publication will focus on effective strategies for achieving some of the Asset Manager’s core objectives, including securing high return on investment (ROI) and managing expenses.
Typically, hoteliers fall into the trap of controlling instead of managing costs. They believe that complete expense control translates to reducing costs as much as possible without considering the long-term repercussions.
For example, salary reduction can certainly improve the bottom-line yield but in the long run, the insufficient workforce impacts service levels and subsequently, the profitability of the hotel.
The Hotel Asset Manager plays a key role in advising how expenses should be managed properly.
Managing expenses means balancing the costs and benefits of each operational expense and sometimes reducing costs in the long term requires short-term investment.
For example, the complete refurbishment of an aging hotel is costly in the short-term, but in the mid- to long-term it will help drive more business to the property.
TFG Asset Management’s The Hoteliers’ Guide to Going Green white paper outlines several green measures that positively impact the expense line.
The research paper reveals how green initiatives can drive ROI for hotel owners.
TFG Asset Management believes controlling and cutting costs can sometimes have a detrimental impact on the bottom-line.
The key is to precisely measure the impact of any decision or action designed to reduce a hotel’s operational expenses.
Some measures may reduce costs, but impact profitability.
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