HotelsMag September 2013 | Page 20

GLOBAL UPDATE

THE GOSTELOW REPORT

The Sorgente Group , based in Rome , has U . S . real estate that includes 27 % of the Chrysler Building and 51 % of the Flatiron Building in New York City alone , and this May it bought the Clock Tower Building in Santa Monica , California . The president of Sorgente Group of America Corp ., Veronica Mainetti , also has announced a US $ 1.4 billion fund to finance acquisitions of trophy assets in Europe . They would be added to a portfolio that includes hotels in
MARY GOSTELOW
Hong Kong , a church-owned conversion convenient to the convention center , is already so successful Henley is looking for more opportunities to add to a pipeline that already includes Colombo , Galle and Kandy in Sri Lanka , Pattaya in Thailand and Penang in Malaysia .
George Tanasijevich , president and CEO of Marina Bay Sands Singapore , also heads Las Vegas Sands ’ ( LVS ) development throughout Asia . In Japan he is optimistic
Puglia and Tuscany ( there is also a Sorgente on the Argentinian side of the Iguazu Falls ).
Minor International Chairman Bill Heinecke has bought 50 % of Per Aquum , which gives Minor International management of three more properties , two in the Maldives and one in Dubai . Heinecke says this fits his long-term goal , a crescent from Sub-Saharan Africa east to Australia .
Peter Henley , president and CEO of Onyx Hospitality Group , has high hopes for Onyx ’ s luxury Saffron product , which offers space and privacy . He is also excited about the Ozo brand . Ozo Wesley
about a multi-party group trying to steer the various processes in support of integrated resorts through legislation . In Korea the new Park leadership has been concentrating on welfare and job creation , but the growing Korean entertainment sector means there is a growing shortage of venue space , and a LVS property could act as a base . In Vietnam , LVS has told the government it wants a major destination . In each case LVS aggressively presents a positive business plan showing how it can promote tourism , employment and income , but it is only interested in integrated resorts .

ON THE WEB

Lindsey Ueberroth
HOTELS EXCLUSIVE :

PREFERRED REVAMPS IPREFER

In August , Preferred Hotel Group , Chicago , launched major changes to its iPrefer loyalty program , including a new website and reward certificates with a hard currency value . Guests earn one point per dollar spent on rooms , and hotels can elect to award points on resort fees , food and beverage , spa and other areas of guest spend . Reward certificates are only valid for one transaction .
HOTELS spoke with Preferred President Lindsey Ueberroth , who said , “ It is more transparent , and it doesn ’ t act to drag down the room rate … corporate RFP season is coming , and we see more and more customers making this a key item .”
BLOG :

ARE RATES BECOMING TOO OPTIMIZED ?

During periods of high demand , a revenue manager will typically raise rates as much as possible . After all , optimizing rate is the job ’ s primary responsibility .
However , HOTELSMag . com bloggers Tony and Jason Potter , joint founders of Malta-based consultancy Braveagle , argue there is a point where even if the rooms are booked at that higher rate , there ’ s blowback as a guest could be feel ripped off and never book a repeat stay .
“ Whilst accepting that in some circumstances a product or service may be worth what someone is prepared to pay , it does not seem a good strategy to encourage repeat business ,” the Potters wrote .
Read the full interview : hotelsm . ag / 12OYdAx Read the full blog post : hotelsm . ag / 197Gjg0
18 HOTELS September 2013 www . hotelsmag . com