What We Do
Precise Hospitality Management specializes in all facets of the luxury hospitality industry, featuring an asset management team with a wealth of worldwide experience. Throughout the years we have continued to foster and develop an extensive network of professionals to provide the precise set of skills need for a successful hospitality project.
The categories listed to the left outline just a few of the hospitality management services and capabilities that we are able to provide to our clients as owner representatives. We are able to meet the needs of our clients based on the wide range of geographic and industry specific experience our team of hospitality professionals has collectively gained over two centuries of combined work.
Precise Hospitality Management views the asset management process as a critical professional service that can furnish ownership with valuable oversight, analysis, and strategic planning guidance. With experience in Africa, Central America, the Caribbean and North America, our asset management team is well prepared to provide ownership with focused, professional and effective support with their properties.
Once a scope of services has been carefully defined, acting as asset manager, we will represent the owner in a number of areas and activities. During the development phase of the project, our services include reviewing the design of the property to ensure that the layout is functional, and is not needlessly expensive. Further, that the design and layout make financial and operational sense in the local marketplace.
A key element to be evaluated in the development phase is brand evaluation. Does the property need a brand? If so what brand makes the best choice? If a brand has already been selected, does it include a Restricted Area or Area of Protection provision? Are there related properties that might cannibalize the occupancy? What is the true cost of the brand?
During the operational phase of a hotel project, our services include attending meetings to facilitate the relationship between ownership and management. Serving as the owners representatives, we take the lead to ensure effective management and financial performance, reviewing the property’s financial results with reference to budget projections. Written reports are provided to ownership on a regular basis as agreed, covering the key issues related to the overall management and financial performance of the property.
In addition, we would meet with operational management on a regular basis to maintain a current and accurate understanding of sales, marketing, guest satisfaction, staff morale and property maintenance. This phase requires regular visits to the property, monitoring the property’s operating expenses, evaluating staff training, reporting possible labor issues and providing ownership with timely reports and advice with regards to the operation of the property.
Development & Construction Support
During the development phase of any substantial project, there are timely considerations that can have an immediate financial impact and decisions that affect the operational performance throughout the life of the facility. The Precise Hospitality Management team has extensive experience in a wide variety of projects, providing owners and investors with knowledgeable assistance as they navigate the initial phases of a planned development.
If a brand is involved, are the construction requirements practical in the local marketplace? Do they add expense for ownership without providing any tangible upside to the operation? Are the operating requirements in the Hotel Management agreement (HMA) of the brand causing unnecessary construction expense, for example requiring a twenty-four hour room service facility in a market with no demand for the service? If other specific facilities and physical amenities are required by either the construction specifications or the HMA, do they make sense in a value to expense consideration?
In the construction phase, our experience will protect the ownership from both unnecessary expense and delays by carefully reviewing the construction documents in advance of the actual work. We have learned that it is much easier and less expensive to correct an issue with a pencil and eraser at the front end, rather than with jack-hammers and concrete saws after the work has been completed. We can also assist in the identification of the often overlooked costs of professional fees, contingency, operating supplies & equipment, attic stock, freight and sales tax.
Very often what looks like a beautiful and thoughtful design can turn out to be an operational nightmare. Items as seemingly obvious as How does the staff enter and leave the property? Where are staff restrooms located? How does product enter the building and refuse leave? Which way do doors swing? These and several other often overlooked areas can be disastrous if missed in the construction plans.
By meeting on a regular basis with the construction team, our staff can help find simple, effective solutions to the inevitable questions that arise during construction, all while protecting the ownership’s financial investment and helping keep the timeline for the project moving ahead.
When we are engaged to provide Pre-Opening Services, there are a wide range of activities that we will undertake as the owners representative. Normally, the services are provided with a Hotel Management Agreement (HMA) in place for the operating management of the hotel. Although our objective would be to earn the opportunity to manage the property, we will provide pre-opening services from the perspective of the eventual operator whether or not an HMA is in place to ensure the best possible decisions and recommendations are made.
The first order of business is to establish a pre-opening timeline that flows backwards from the planned opening date. Where possible this timeline will allow for the orderly recruitment and training of management and staff, the development of a comprehensive marketing, sales and public relations plan (based on a detailed competitive market set survey), provision for a formal staff induction and training period, as well as a soft-opening period prior to commercial opening.
Specific activities during the pre-opening phase include the development of the vision and mission statements, along with the unique selling points of the property (USPs) based on a comparison of the property’s possibilities versus the competitive market set and planning for pre-opening sales activities and tours.
In addition, a full review of local labor market wages and benefits, local labor law, staff housing and expat visa requirements if needed and any other local standards, laws, regulations, licenses and/or requirements that need to be addressed. Once the wages and benefits required to be competitive have been established, the advertisement, recruiting, selection and training of staff begins.
Other required actions during the pre-opening phase include continued coordination with the construction team, development of the procedures and standards required for operation, establishing vendor relationships, purchasing and receiving inventories and ultimately preparing the staff and finished product for opening.
As operating managers of our properties, we don’t just do what’s needed to be done. We strive to accurately define, and then exceed guest expectations, manage and develop our staff to understand customer behavior and continually adjust our marketing and sales efforts to maximize yield and maintain financial control of expenses while optimizing revenue.
Guests today are looking for more than a place to sleep; research shows the increasing demand for innovative, authentic and personalized experiences. This requires paying close attention to a guest’s requirements, taking each interaction as the opportunity to provide the personal touch and learning from shortcomings.
Precise Hospitality Management approaches asset management with the understanding that the on-site management team, led by the General Manager, is the ultimate guarantor of success. We strongly believe that the most important ingredient in the success of property operations is the on-site management team, led by the General Manager. Where internal team members do not meet the needs of the property or are not available long term, our reputation as a quality employer operating quality properties makes outside recruitment one of our strengths.
Our General Managers have the full support of the head-office team in order to devote their energies to the effective leadership of the staff. There are several key areas that require their direct attention. First and foremost, they set the example for the staff through their personal behavior, their training and mentoring of staff, their attention to the myriad details of operational maintenance, all of which support the guest experience.
In today’s social media environment, TripAdvisor has become the ultimate arbiter of guest satisfaction and therefore the defining comment on the quality of the operation. It has challenged the traditional star rating systems, is useful in identifying opportunities for product and service improvement and can provide market intelligence on competitive operations. The GM must take full ownership of the changing dynamic in our industry.
Finally, the General Manager is the entrepreneurial operator of a business enterprise, keeping close watch over financial performance, revenue development and expense containment.
In today’s swiftly evolving digital era having a solid reputation management strategy has become paramount. The hospitality industry is no exception and statistics show that guests are actively revieiwng social media and review platforms before making their choice of hotels.
Precise Hospitality Management fully embraces various online tools to maintain the online presence and credibility of our projects. We proudly offer our clients a custom approach to handle their respective positioning and continue to see amazing results.
Through a fostered network of valuable contacts we have the ability to call upon key influencers and public figures in an effort to increase awareness and make valued personal endorsements.