Staying Ahead of the Competition in 2019: Why Smart Hotel Owners and Investors Should Consider A Brand Conversion
By Javier Coll Executive Vice President & Chief Strategy Officer, Apple Leisure Group | January 13, 2019
If you ask business leaders to describe what drives the most successful organizations around the globe, they will likely mention concepts such as market insight, organizational adaptability, new product development and customer service. While these ideas may seem to best define a resilient technology company, they are actually quite relevant for hotel owners and operators across nearly every segment of the industry.
Consider this: through the inevitable economic and geo-political fluctuations that regularly impact travel and tourism, the most profitable and enduring properties have been guided by owners and management teams with real market awareness – those who understand when and how to revise their strategies, re-imagine their properties, and restructure their operations.
These hotels have consistently found the right moment to adapt by aligning with new hotel management partners, launching new services and raising capital to upgrade physical structures.
Finally, they have excelled at predicting the needs and desires of travelers in general, and their guests in particular – an example of great customer service in action.
So what does adaptability, market awareness and customer focus look like for hotel owners today? Of course, the answer will vary by region and segment, but one approach has increasingly worked for properties wanting to stay ahead of the competition – and in sync with guest desires: brand conversion.
While the conversion strategy is not new, it will likely take on new importance in the months ahead, especially in markets where economic and political changes are on the horizon. It will also be a critical strategy in places where new construction is poised to oversaturate the market with guestrooms. Overall, the market is cyclical by nature, at some point we are bound to experience a downturn, just as we did a decade ago.