by Alan Campbell, Featured Contributor
We all want it
IT SEEMS that as of lately the generation gang (XYZ) are upon everyone’s mind. How do we capture their business? It used to be that any new business was good for the industry. Now it seems that the Y generation is the cat’s meow. In a lot of cases these new millennia’s don’t have that much disposable income. If this is true then courting them may not be economically advisable.
I have to stop and think that there is a lot of hotel business out there today, as the travel business has picked up. There is more group business, as well as leisure business, especially in the 4 star properties. With so many new properties appearing on the landscape the competition will become even greater for there will be more properties’ competing for the same piece of the pie.
Only certain segment of our industry have shown a sharp increase in occupancy as well as increased revenue. Am I to assume that the new league of travelers prefer upper hotel properties and are by passing the other sectors’? There has been a remarkable increase in hotel occupancy in NYC, why is that? New hotels on every corner, and more on the way. California has seen an increase in its hotels as well. The traveling public is moving and companies are holding more conferences and conventions as well. Las Vegas will attest to that, they seem to be busy all of the time.
So hoteliers sharpen your knives so as to be able to get a cut of the pie, for it can only be cut in so many pieces, before it disappears. It would be nice if there were a magic formula, that would allow hotels to be full all of the time, but there isn’t, so pay attention, sharpen up, and make sure that you have the large slice of the pie.