Editorial Board   Guest Author

Mr. Soloway

Todd Soloway

Partner, Pryor Cashman LLP

Todd Soloway is a partner at Pryor Cashman, a full-service law firm of more than 170 attorneys with offices in New York City and Los Angeles, where he heads the Hotel + Hospitality and Real Estate Litigation Groups.

A trusted advisor to leaders in the hospitality industry, as well as private equity firms, real estate investment trusts (REITs), property owners and developers, Mr. Soloway has successfully litigated some of the most high-profile cases involving hotel management and franchise agreements, real estate finance and development, complex foreclosures, receiverships and workouts, and commercial landlord-tenant disputes.

Mr. Soloway is consistently recognized as one of the country's leading hospitality attorneys by Best Lawyers, Super Lawyers and other organizations. He writes a regular column on legal trends impacting the hospitality and real estate sectors in The New York Law Journal, contributes to industry publications including Hotel Business Magazine, Private Equity Real Estate and Crain's, and received a Burton Award for Legal Achievement for his writings on the use of indefinite terms in real estate contracts.

Mr. Soloway is also a recurring speaker at New York University's International Hospitality Conference.

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

Mr. Soloway can be contacted at +1 212-421-4100 or tsoloway@pryorcashman.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.