As a Hotel Asset Manager, I am often asked what this role entails. Even with friends and family, it can be difficult to explain. A simple explanation could be that the Hotel Asset Manager is a hotel General Manager with strong analytical, financial, and strategic skills. This person must fully understand the hotel business from every perspective, including operations, strategy, revenue, and many other subjects.
The Hotel Asset Manager’s profile has evolved over the last few decades. In today’s world, the profession has become much more sophisticated due to the increasing number of new investors in the hospitality industry, such as institutions, REITS, pension funds, investment funds, banks, and other players. These investors demand high-level service and reporting excellence, and each type of owner has specific objectives for profitability, holding periods, and strategies. Understanding these expectations is key.
There are also owners who do not follow any logic, who may purchase a hotel for social status or as an investment to preserve value. The Hotel Asset Manager is the gatekeeper of those interests and is responsible for ensuring that those objectives are being followed across the hotel without affecting the guest experience and respecting the hotel brand standards (if any).
So how does one become a Hotel Asset Manager? While there are courses that teach some skills, this is a profession that is built through years of experience. It is important to be exposed to all different areas of the hotel and not get stuck in just one role. It is crucial to enjoy marketing, sales, revenue, F&B, and to back it up with financial and strategic skills.
In summary, the Hotel Asset Manager is the person who challenges the performance of a hotel by understanding the owner’s objectives and protecting the operational excellence required by hotel guests. To do this, the Hotel Asset Manager must be knowledgeable in all the disciplines required to manage a hotel.
