Finding the right hotel management company is one of the most important decisions that a hotel owner can make. Whether you’re an owner, or you’re considering acquiring a property, management will define your hotel’s success. Here’s what to consider.
Not all management companies are equal
Since this choice is imperative to your hotel’s success, you’ll need to look through your options. Get to know multiple management companies and compare contract terms by negotiating the best deal possible. Don’t make any impulse decisions! Ask yourself if they can provide the necessary services while considering location and the other hotels under their management.
Understand your property and have clear objectives
A developer building a full-service hotel in an urban market might not be the best match for a management company operating select-service markets in the Midwest. In order to be able to accurately compare your options, you need to have a vision for your property.
This also extends to the corporate identity of the company. While you want the best deal for your asset, you should make sure that they’re a good fit. If they’re not responding in a timely fashion or aren’t aligning with your input, then it may not be the best option for you. If you are a more hands-on owner, then you’ll want to avoid a company that wants full reign over hiring personnel.
Look at their case studies
Even if the management company is in a perfect location, operates similar properties and has a seemingly fitting corporate identity, don’t forget to look at their case studies and references. These will clarify your expectations. Speaking to references provides insight that management may not showcase.
Find help
Hiring an experienced hotel asset manager can help new owners through the process. Along with that, a practice area that is in demand is our owner-advisory services. At JDI, we match hotel owners to the right hotel management company. For nearly two decades we’ve developed intimate intellect and relationships with the top 250 hotel companies, and they pay our fee. The only companies we are not able to refer are the handful we chose not to represent.
If you’d like to explore the optimal companies to run your assets, we would like to schedule a consultation. Our fee is paid by the management company if they are selected as your operator. Feel free to find more information here or send an email over to info@jdisearch.com.