Hotel Help
I have an interview coming up for a hotel asset management gig. I would say I have no experience with hotels, but have always been interested in getting into the space and do know how to underwrite them at a very high level and analyze a STR report.
For those in hotels, what’s the fastest way to prep for an interview/get up to speed on hotel lingo. Anything to read in particular, etc. online?
Thanks in advance for any help.
Major things to understand from my perspective are: fixed versus variable expenses, recognizing ADR is an “average” and how you can increase ADR through mix shift and direct bookings, understanding the compset and why some hotels outperform others, what drives demand in a given market and why that has or hasn’t changed, what supply change is expected or has happened historically, FFE cycles.
Housekeeping cost per occupied room is the biggest variable expense to understand how it’s trending. GSS: guest satisfaction scores. RevPar index: the % you are above or below the compset. GOP: gross operating profit (before insurance and tax and mgmt fees). Flow %: the amount of incremental revenue that makes it way down to GOP. DOS: director of sales. Revenue mgmt: a literal weekly call with a revenue manager who helps set rates based on the latest happening. Types of bookings: transient, group, LNR local negotiated rate, corporate, 3rd party.
Sorry not cohesive thoughts, just throwing a lot out there.
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