The CaveSociety is a private lounge within Coury Hospitality ’ s Hotel Vin , an Autograph Collection hotel in Grapevine , Texas . |
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BRANDS LOOK Jim Tierney , SVP of development and owner relations for Hyatt Hotels Corp ., said the company won ’ t grow just for the sake of growing , but rather focuses on markets that matter most to guests and World of Hyatt members . By carefully assessing trends , changes in travel patterns and evolving traveler needs , said Tierney , “ We collaborate with owners to decide what brand best fits each destination and meets a currently unmet need .”
From there , said Tierney , the specific factors include feasibility studies , market performance reports , the presence of the competitive set ( chain scale , age of competitive set , average key count , etc .), surrounding amenities , like retail , entertainment , food and beverage options , and if multiple demand generators are
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Jim Tierney , SVP of development and owner relations , Hyatt Hotels Corp .
present .
Laurent de Kousemaeker , Marriott International ’ s chief development officer for the Caribbean and Latin America , has overseen massive expansion into that region and said development decisions begin with asking four questions : Is there a demand for this product ? Is there infrastructure ? Is there sufficient capital ? Does it make sense in the portfolio ecosystem ?
After answering all of those questions , said de Kousemaeker ,
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the company performs a feasibility study to decide on potential ROI . Many times , he said , owners will come to Marriott and request a certain brand . If they want a luxury product , like a JW Marriott , “ We will show them the numbers to demonstrate whether or not it makes sense ,” he said . “ We always look at it from their perspective and advise them on what works from the price point . We are also looking for a product that offers differentiation in the market .”
Andrew Mungul , director of business development at management company Coury Hospitality , said that when the operator launched Vin hotels , a mini-chain that focuses on wine , a prime consideration was proximity to relevant business drivers . If that works in one location , he said , Coury will look for similar characteristics in other markets . That ’ s why , he
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said , the first two Vin locations are in Grapevine , Texas , and Rogers , Ark . “ We landed on Rogers ,” said Mungul , “ because it fit the bill with a strong economic climate , highly educated [ population ] with disposable income and a lot of white space in the culinary area .”
The first step in entering a new market for Remington Hospitality , said Jason Reader , COO , is what brands are available based on territory requirements . It also must
Laurent de Kousemaeker , chief development officer for the Caribbean and Latin America , Marriott International
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14 hotelsmag . com July / August 2024 |