Editorial Board   Guest Author

Ms. Gorman

Tara K. Gorman

Partner, Perkins Coie LLP

Tara K. Gorman is a Partner at the law firm of Perkins Coie and focuses her practice on hospitality law. In addition to practicing law, Ms. Gorman writes a column for Hotel Business Review, and is a Professor in Residence (Adjunct) at the Washington College of Law of American University in Washington, D.C., as part of the Hospitality and Tourism Law Program.

Ms. Gorman has taught Foundations of Real Estate Law at Georgetown University as an Adjunct Professor, and regularly speaks at conferences and seminars on real estate and hospitality topics, and is on the Board of Advisors of the Georgetown Law Center's Hotel & Lodging Legal Summit and the Board of Advisors of Drexel University Center for Hospitality & Sports Management. She is also a contributing writer to the textbook Hotel Law - Transactions, Management and Franchising.

Ms. Gorman focuses her law practice on hotel acquisitions, operations, development and finance, hotel management agreements, license and branding agreements, restaurant management agreements, and general commercial real estate transactions, including commercial real estate acquisitions and sales, and data center, office and retail leasing.

Ms. Gorman regularly prepares and counsels clients both domestically and internationally regarding hotel acquisitions, financing, operations development and finance, condo-hotels, hotel management agreements, license and branding agreements, restaurant management agreements, water park and casino agreements, real estate finance documents, purchase and sale agreements, property management agreements, corporate formation, business improvement districts, vendor agreements, marketing management agreements, web-site service agreements, telecommunications license agreements, and commercial office leases.

Ms. Gorman has represented institutional investors such as life insurance companies and pension funds in connection with their real estate investments, as well as governmental and quasi-governmental agencies with respect to their real estate holdings.

Ms. Gorman can be contacted at 202-654-6253 or tgorman@perkinscoie.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.