Permission will be required if your reuse is not covered by the terms of the License. Patel concurred with that assessment. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Independent hotels are often based on their history. When you're running a franchise, you get the benefit of having the chain's reputation and brand awareness, but when you're opening an independent restaurant, you have to put time, money and effort into establishing yourself in the community and marketing yourself. Conclusion. Were seeing a large increase in insurance premiums, on the general liability side and on the property side. He estimated that general liability premiums had increased by approximately 18% to 20%, while property insurance had increased by 10% to 16%, year over year. Measuring changes in the relative competitiveness of package tour destinations, Global strategies in the international hotel industry, Structural breaks, international tourism development and economic growth. Los Angeles: JMBM Global Hospitality Group. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. The insurance market is very unstable, Patel said. A comparison of the performance of brand-affiliated and unaffiliated hotel properties. Franchise Operators Agreement. By correctly segmenting your hotels offer for a specific target group, they can better compete with chains. The most obvious advantage of a suite hotel is extra space. To be clear, these brands, many of which are household names Hilton, Marriot, Choice, etc. Roughly 30 years ago, independent hotels accounted for about two-thirds of the properties in the hospitality industry. Freitag also mentioned that abundant data, including information found in the dSTAR Report produced by STR (which, like LoopNet, is owned by CoStar Group), is an industry attribute that investors can benefit from. Assets that have long-term leases might not feel the impact to cash flow for 6, 12 or 24 months after the onset of an economic event, whereas hotels feel it on day one., As Barton observed, Typically this industrys had eight- to 10-year cycles, and in the down years, it can be a tough couple of years., Kelso echoed this view. BTR Shines Even as CRE Sales Plummet: Heres What to Focus on Next, What Self-Starters Should Know About Self-Storage Investment, CRE Sales Plummet in Q1 as Expected; Heres What to Focus on Next, 5 NNN Retail Properties Available For Under $4 Million, How Rising Interest Rates Are Impacting NNN Retail Properties. Hotel Brand Affiliation: Pros and Cons. - Hotel Revenue Insights Retrieved from http://www.hotellawyer.com/resource-center.html/, Carlbck, M. (2015). Click here for Desk booking system for hot desking. By clicking "Log In," I agree to LoopNet's. Some of them are scaling up faster than others, but I think, ultimately, were going to see as they scale up, and if theyre successful with scaling up, theyve got to become more standardized and more bureaucratic, and the creativity factor is going to start to diminish. He has worked in the commercial real estate industry for more than 15 years, serving in a variety of marketing, content and communications roles for companies that include Newmark Knight Frank and Cushman & Wakefield. Based on conversations with various industry experts, LoopNet developed the following list of distinctive elements and important considerations for investors contemplating hotel properties: The Brand Element (To Brand or Not To Brand), Jan Freitag, national director of hospitality market analytics, CoStar. 4 minute read, The Mews Blog>Pros and cons of independent hotels versus chains.
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