Editorial Board   

Mr. Marx

Steven Marx

Managing Principal, Lifestyle Hospitality

A seasoned pioneer in boutique hotels, Steve Marx has risen to become the industry's most recognized expert in lifestyle properties. While leading Kimpton Hotels, Loews Hotel Corp, and W Hotels, Steve guided each company through significant growth and stellar financial results. At Kimpton, where he grew the company from 12 to 30 hotels over 8 years, Steve and his team were responsible for launching the Monaco brand. With Loews Hotels, he met the challenge of repositioning several under performing properties, while at the same time spearheaded the largest growth period in Loews' history. Mr. Marx's most noteworthy accomplishment with Starwood was to transform W Hotels from the least to the most profitable brand in the company in one short year. The many strategic alliances formed and relationships established throughout his successful career are the foundation for Lifestyle Hospitality. The Lifestyle team has been hand picked with top tier talent in each discipline. His vision of creating a new and innovative lodging concept is sparked by his entrepreneurial spirit and his desire to continue to push the envelope by launching Lifestyle Hospitality, LLC in January 2006.

Mr. Marx can be contacted at 203-698-2772 or smarx@lifestylehg.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.