When you own residential and commercial real estate as well as hotels, it gives you a bit of a different perspective on things. That’s certainly what the guys at Vornado Realty Trust bring, and their strategy behind the 1,700-room Hotel Pennsylvania in the heart of Midtown Manhattan is a testament to their ability to think outside the box.
Many of us in the casino-hotel world have worked with competitive sets, some we inherited and others we created ourselves. These competitive sets are how we see if our rates are in line with the market and then how we fared against the market.
The worst news a revenue manager can hear is that a new hotel is under development across the street or even across town. The only thing worse is when an entire market is in a building boom. Managing rate and distribution strategies in a market of expanding supply might be the toughest task of all for a revenue strategist.
The growing influence and accessibility of new and innovative technology solutions are changing the way hotels do business. With myriad applications available to them, owners are thinking differently about the tools they need to be successful.