Hotel & Motel Management - September 15, 2008 - (Page 18)

18 Guest Column IN THE details Communicate; be realistic Shared vision a must Offer incentives Look for seven shared values H&MM September 15, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Property partnerships: One size doesn’t ﬁt all f the “third-party” in “third-party property management” implies the work of an outside ﬁrm, the term is a misnomer. They are critical partners in the planning and overall success of hospitality development properties. Choosing the right partner is not a onesize-ﬁts-all proposition. Most property-management I By J. David Merritt H&MM Guest Columnist ﬁrms specialize in one or several niches. Those that try to be all things to all people often ﬁnd they are unable to satisfy the needs of any. Essential ingredients in a successful developer/property-management relationship include: Shared vision From the beginning, realistic expectations must be communicated and agreed upon. Decisions on training and service costs depend on them. Realistic expectations also apply to the length of a management contract and the extent and expense of a renovation. This must be guided by a developer’s realistic view of its position within a given market. Integrity, shared interests and incentives When a management company does not believe a proposed development is viable, they should say so early on and provide reasons why. Typically, an owner will want his or her operator to be incentivized to do well. Shared ﬁnancial partnerships often are the best way to accomplish this. Compensation can be based on the achievement of attractive returns to the owner. Another “promoted interest” arrangement can include an at-sale “success fee,” whereby the partners agree to share in some of the value created above and beyond the owners’ investment. E Every AmericInn n is built solid. W We believe every franchise partnership should be the same. ® AmericInn is looking for a select group of owners. We’re a strong brand with all the building blocks in place for growth— from site planning to construction to operations to marketing and more. Shared experience, expertise Partners must complement one another and collaborate for overall success. The challenge for the developer and his property-management partner is to achieve the right balance. This can be enhanced when the third-party management partner demonstrates speciﬁc experience in a given type of development (newbuild, renovation, etc.), specific marketing and promotional know-how (creating a restaurant brand, establishing a spa business with local appeal, etc.) or in the location (urban, suburban, resort, mixed-use, etc.) and class type (luxury, full-service, etc.). Every AmericInn is constructed using our exclusive AmericInn SoundGuard™ construction. We use masonry blocks and other noise reducing materials between every room for the best noise control in our category. Quiet rooms are just part of our story. AmericInn also stands for its welcoming lobby, slightly oversized guest rooms appointed with the amenities guests want and our fresh, bountiful breakfast offering. Shared values While the issues and ingredients that shape an owner and developer’s partnership will vary, they are based on seven shared values or commitments that should never be overlooked. They are: an understanding of a property type and category niche, relevant experience, business fundamentals and priorities, desire to make a difference, imagination and reinvention, goals and objectives and stewardship of the property and its resources. hmm@questex.com J. David Merritt is senior VP of development for Milwaukeebased Marcus Hotels and Resorts. Contact him at (414) 905-1200 or davidmerritt@marcushotels.com. If you are committed to a solid partnership, call 800-680-2491 or email franchisedev@americinn.com. americinn.com CIRCLE NO. 106 http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://americinn.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - September 15, 2008

Hotel & Motel Management - September 15, 2008 Contents Microtel, Hawthorn Settle in at Wyndham Is it Black or Red for Green Hotels? New City on the Strip When in Doubt, Purchase some Seashells Legal FAQ Consultant's Corner Sales Clinic On Finance Travel Trends Franchise Law Guest Column Events Cornell Insights HotelWorld Update Trends & Stats Top Hotel Companies Survey Awards Lending Requires Knowledge, Preparation Casegoods Minibars Historian to Keynote Leadership Forum at IH/M&RS Fitness Equipment The Lodging Conference Preview Accent Lighting Awards Vacuums Supplier News Transactions People Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - September 15, 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.