ICCS’s consulting division provides highly efficient and effective consultancy services to hoteliers and investors. Such services cover all aspects of the hotel development cycle, ranging from market & financial feasibility studies to full expert support and training during the pre-opening phase of the project.
The objectives of the Hotel Consulting Services division are summarized below:
- To offer high quality and value-for-money consulting services to its clientele;
- To provide tailor-made support by recognizing the clients’ diverse needs;
- To propose practical and workable solutions which will lead a hotel business to growth;
- To approach every case with professionalism, confidentiality and integrity.
In today’s highly competitive and turbulent business environment, a potential investor must know beforehand whether the hotel project is going to be feasible, viable and more, whether the project is going to produce an acceptable Return on Equity.
Our extensive involvement in managing five star hotel properties as well as luxurious cruise ships for over ten years in different tourism destinations, allows us to have a hands-on experience and the necessary professional background in order to:
- Assess the potential of a specific destination and location;
- Compose the appropriate hotel concept (architecture & aesthetics, style of the property, number and type of rooms, number and type of food & beverage outlets, other facilities and services, etc.);
- Create an accurate S.W.O.T (Strengths – Weaknesses – Opportunities – Threats) analysis by scanning the competitive environment;
- Built – up the proposed hotel’s brand and market positioning;
- Identify the stuffing requirements for the property;
- Prepare detailed and reliable financial projections based on our experience, industry norms and the future trends in the area under study.
To market and sell a hotel has nowadays become an increasingly difficult and complex task. The competition has intensified; travelers are much more sophisticated, price-sensitive and value-driven and Internet Distribution Systems claim a larger share of the business from conventional travel agents.
In that respect, a hotel property with no clear brand and specific market positioning has limited chances to survive in a fiercely competitive environment.
Our Sales & Marketing team offers to the hotelier the following services:
- Property Branding & Affiliation with major international marketing organizations (Small Luxury Hotels of the World, Leading Hotels of the World etc.);
- Market Positioning Strategy & Pricing Policy;
- Pre-opening and ongoing Communication Strategy (press releases, articles and publications, advertising, selection of specialized promotion and public relations agents etc.) and brochure design;
- Assistance on Internet Site design and internet advertising techniques;
- Identification of the optimum market segmentation mix and appropriate booking sources (Travel Agents, Tour Operators, Affiliations etc.);
- Selection of the appropriate I.D.S. and effective internet administration;
- Contracting policy with major domestic & international Travel Agents and Tour Operators (allotment contracts, on-request contracts, rates & discounting etc.);
- Revenue Management to maximize room sales and acquire the optimum level of occupancy and average rate (room sales yield analysis, booking position forecasts, stop-sales techniques etc.);
Our experience reveals that the success of hotel properties as well as of luxurious cruise ships, is primarily a result of efficient operations and constant quality monitoring. Especially in five star land and ‘floating’ hotels where ‘small details make the difference’, clear and effective operating procedures along with attainable quality standards are the key factors leading to Guest Satisfaction and thus business growth and profitability.
However, quality can be a vague notion when it comes to the emotional experiences that guests receive in a five star hotel, simply because such experiences cannot be easily recorded and quantified.
Our experience in managing top-end, high quality properties can provide the hotelier and owner with assistance in the following vital issues:
- Job Descriptions for managers and employees;
- Formulation of operating procedures and quality standards for all hotel departments and positions and creation of a tailor-made “Quality Service Manual”;
- Construction of a “Quality Monitor Model” to ensure that the quality performance of the employees in all departments is regularly recorded, measured and evaluated;
- Mystery Inspections and quality appraisals.
Very often, independent hoteliers ask their managers for financial information and, in the best case scenario, they are re-directed to their accountants or tax advisors. A reliable financial analysis and accurate reporting of operating revenues and costs are the most significant tools for the owner/manager to measure the hotel’s profitability, identify problem areas, take corrective action and most importantly, make future decisions.
Our involvement in hotel management over the years has confirmed the simple truth that: ‘accounting is for accountants and the state whereas financial analysis & reporting is for owners and managers’.
Our financial and audit services are based on the Uniform System of Accounts for Hotels & Restaurants and include:
- Assistance in selecting the most suitable Hotel Information System and Store Administration System for a hotel
- Construction of simple, accurate and constantly up-to-date financial reports including monthly profit & loss statements
- Tailor-made Budgeting and Forecasting of revenues, payroll & related expenses and operating costs
- Cost and Benefit Analysis to determine whether a specific area or department of the property is profitable or not
- Training of managers in using and interpreting financial reports
- Extensive financial audits of operating results.
Our consulting division can provide assistance and expert opinion in a number of issues relating to the development of a new hotel project or the re-positioning of an existing property. More specifically:
- Detailed market and financial feasibility studies
- Hotel Concept creation
- Assistance in the operating aspects of the architectural plans
- Rooms and facilities Design consulting
- Proposed facilities, outlets and services
- Expert opinion regarding the required heavy and operating equipment and linen
- Pre-opening sales & marketing campaign and positioning or re-positioning strategy and implementation
- Pre-opening staff recruitment and selection strategy and implementation investment opportunities
As specialists in the luxury hotel sector, ICCS’s has an extensive network of financial and real estate contacts which may assist private investors interested in becoming involved in the hospitality industry.
Our long-standing experience in the hotel and cruise industry can help us match people and projects and allows us to offer a total solution to the needs of a potential investor by covering the full development cycle of a project: from the initial idea to the management of the hotel property.