Understanding the competition is critical to success and many mid market properties are missing an important player in their competitive set.
While Residence Inns, Homewood, Studio 6, Candlewood and certain other brands in the extended stay market have been around for a number of years, additional competitors are entering the field and making a major impact.
With an established presence in major markets like Atlanta, Charlotte, Dallas, Houston, Los Angeles, New York, Phoenix, San Francisco, Washington DC, Toronto, Vancouver and other cities throughout North America, business travelers, relocating families and staff on temporary assignment are finding furnished corporate apartments and housing a real find in many new and smaller markets. With wide-ranging guest services, tasteful and spacious accommodations with a range of amenities at typically 25 to 35 percent below standard hotel costs, these facilities are becoming major forces in a growing number of cities.
These residences are constantly providing services that meet the needs of their core market of corporate and human resource executives, and other end-users are now finding corporate apartments can be well suited to their needs.
In my role as an executive and consultant in medical lodging, I have found furnished apartments are ideal for patients and their families in treatment at major medical centers. International visitors discover how these accommodations are convenient, well priced and often larger than some of their residences in their country of origin.
Hotels in a number of markets can meet this trend, but must focus their renovation and updates in the right manner so these guests can experience their stay more as a resident, than as a short-term tourist. There are a range of other needs including visiting families, insurance claims and people involved in the always stress filled instances of divorce.
Specific values in meeting this demand include.
1. Value, compared with regular hotel rates
2. Security, as they include a residential feel, with many requiring identification prior to entry.
3. Space, including multiple bedrooms, kitchen and dining areas, and multiple closets.
4. Convenience of kitchens equipped with appliances, full-size refrigerator, pots, pans, dishes and glassware, to linen closets, and even cleaning services and supplies. Many successful facilities offer hospitable meeting places such as on site or near-by, restaurants, coffee houses and lounges.
5. Service, as preferred by agreement with the guest and facility management.
6. Fitness & Recreation. Many of these kinds of facilities offer onsite or access to nearby-by fitness centers, swimming pools, trails, golf, tennis and spas.
7. Technology, which is becoming an essential, is available including telephones, voice mail, Wi-Fi, Cable TV, DVD, and radio. This is also a family-friendly feature
I have worked with a number of properties in many different locations and market conditions. Contact me and let me know how I can assist you
Keys to Success Hospitality Tip of the Week:
Change is also something personal that requires focused and individual attention. We have all heard the question on change: If we continue to do as we have always done, how can we ever expect to achieve different results?
What do I personally need to change to make my hotel or hospitality business more successful?
Questions I Wish You’d Ask –
Making Hospitality More Profitable
Part of the 2011 Keys To Success Workshop Series
KEYS TO SUCCESS is the umbrella title for my 2011 programs, hospitality services and columns. This year’s writings focus on a variety of topics for hotel owners, managers and professionals including both my “HOW TO” articles, HOSPITALITY CONVERSATIONS, Lessons from the Field, Hotel Common Sense and Principles for Success
Feel free to share an idea for a column at email@example.com anytime or contact me regarding consulting, customized workshops, speaking engagements … And remember – we all need a regular dose of common sense.
John Hogan is a successful hospitality executive, educator, author and consultant and is a frequent keynote speaker and seminar leader at many hospitality industry events. He is Co-Founder of a consortium (www.HospitalityEducators.com) of successful corporate and academic professionals delivering focused and affordable counsel in solving specific challenges facing hospitality today.
www.HospitalityEducators.com is a membership site offering a wide range of information, forms, best practices and ideas designed to help individual hoteliers and hospitality businesses improve their market penetration, deliver service excellence and increase their profitability. Individuals wishing to contribute materials may send them Kathleen@HospitalityEducators.com. Special pricing is in effect for a limited time that also includes a complimentary copy of LESSONS FROM THE FIELD- A COMMON SENSE APPROACH TO EFFECTIVE HOTEL SALES.
Consulting Expertise and Research Interest
1. Sales Management and training
2. Turn-around and revenue management
3. Professional Development for the Organization and the Individual
4. Customer Service
5. Making Cultural Diversity Real
6. Developing Academic Hospitality programs
7. Medical Lodging Consulting
If you need assistance in any of these areas or simply an independent review or opinion on a hospitality challenge, contact me directly for a prompt response and very personalized attention.
Your Hospitality Resource for the Hotel Owner, Innkeeper, Manager and Hospitality Industry Associations
Dr. John Hogan, CHE CHA CMHS
United States – Phoenix, Phone: 602-799-5375