One of the primary challenges for asset managers is to balance operations management with the development of strategic direction for our hotel owners. Managing this fine line is a regular practice at TFG Asset Management. The team’s recent column has been published on HospitalityNet and reposted on various other online hospitality news portals, titled “Changing the definition of luxury”.
The column analyses factors that narrow the discrepancy between hotel luxury and inclusivity, from the growth in travel frequency to increased access to goods and services which used to be perceived as exclusive. The article also explores the rise of Generation Y and their different needs and wants compared to Generation X. Another growing trend that defines true luxury is the incorporation of CSR or green strategies, which is in stark contrast to the wastage resulting from providing opulent services that previous generations had become accustomed to.
Hotel asset managers’ ongoing responsibilities include monitoring and controlling cash-flow, expenses and revenues, and reviewing segmentation strategies. However, it is also imperative for them to be aware of trends and developments in the market that can be applied to hotel operations and provide profit maximisation or function as a value-added tool.
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