Maximising profits while delivering the finest quality services efficiently and professionally is a primary goal of all hotel operators. Hotel managers must deal with a range of tasks and challenges in pursuit of this ambition.
The complexity of managing in the hospitality industry stems from some peculiarities of its functioning.
The product sold by hotels is a service that has specific characteristics:
The immateriality of the service implies its intangibility. During and after rendering the service the client does not have anything material – only satisfaction or dissatisfaction with the quality of work.
The second characteristic of the service is the inseparability from the object of rendering. Consumer’s participation in the process is essential for service delivery. In the production of goods, this presence is not required.
Momentariness is related to the quality control. In servicing there is no opportunity to correct the spoilage, as in the production of goods. In most cases it is impossible to redo the service, since the customer has already had an impression of a mistake.
Service is a very specific product: it does not have an expiry date, but it cannot be stored. The accumulation and storage of services pending growth in consumer demand is impossible. Meanwhile, production downtime is treated as loss of profits.
Limited distribution channels mean that the whole process of providing services concentrates within the building of the hotel. In physical manufacturing stages can be carried out in different places. Partially hotel services can be rendered outside (e.g. online booking), but it is only a preparatory element in the structure of the hotel process.
All these features require a special approach to asset management, optimisation and maintenance.
The goal of every hotel operation is to maximise profits. Given its vast industry experience, TFG Asset Management is ideally placed to deliver on this goal for its owner partners.
A well-maintained asset is critical to the long-term performance of a hotel. TFG Asset Management continuously monitors, audits and measures the efficiency of a hotel to ensure it meets its owner’s objectives and delivers top returns.