Editorial Board   

Mr. Ricketts

Mark Ricketts

President & Chief Operating Officer, McNeill Hotel Company

Mark Ricketts serves as President and COO of McNeill Hotels. Prior to joining McNeill Hotel Company, Mr. Ricketts spent the previous seven years serving as Vice President of Hotel Asset Management in the Realty Management Division for Goldman Sachs in Irving, TX.

In his capacity, Mr. Ricketts provided hotel asset management oversight for a portfolio of over 300 properties, spanning 10 brands and 27 flags while working with nearly twenty (20) management companies. Mr. Ricketts has nearly 35 years of experience in the hotel industry, starting as a Hotel General Manager at the age of 23 years old.

Mr. Ricketts previously worked as Vice President of Asset Management for Equity Inns, Inc., a publicly traded Hotel REIT based in Germantown, TN. At the time of its sale to Goldman Sachs, Equity Inns was the 3rd largest Hotel REIT in terms of number of hotels owned.

Prior to Equity Inns, Mr. Ricketts served as the Vice President of Hotel Operations for Memphis, TN based MASTER Hospitality Services. In his role, the company received the prestigious "Partnership Circle Award" from Marriott International in 2004. In addition, the company's Courtyard by Marriott hotel in Tupelo, MS won the Marriott "Courtyard of the Year" award for two consecutive years.

Mr. Ricketts was recently named to serve as a member of the Home 2 Suites by Hilton Owner Advisory Council (OAC). In addition, he has served on the Hampton Brand Operations Council since 2000 and was a past member of the Hyatt Place Operations Advisory Committee. He previously served on the Board of Directors for both the Memphis Convention and Visitors Bureau and Memphis Hotel & Lodging Association from 2000-2008.

Please visit http://www.mcneillhotels.com for more information.

Mr. Ricketts can be contacted at +1 901-322-4806 or mricketts@mcneillhotels.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.