In 2019 hotels were struggling to adapt and compete with an onslaught of new hotel supply. The challenge was not just the sheer number of new hotel rooms entering the market, it was the number of Hotels entering the market within a “Family of Brands”.
The primary operating strategy employed to counter the new supply issue was to reduce operating cost. But the impact of this strategy was not sustainable. While it initially benefited profitability, it negatively impacted the guests and associates experience. This ultimately led to declining market share, revenues and profitability. Prospera Hotel Management, however, discovered a better way to operate a hotel that maximized profitability balanced with an attractive guest and associate experience.
2020 was anticipated to be very similar economically to 2018-19 until the pandemic hit. What was initially thought to be a 3-5-month economic problem for the hotel industry is now considered to be a 3-5-year economic problem.
In response, Prospera Hospitality has changed its hotel management model to meet the needs of today’s hotel owners. Due to the amount of “Uncertainty” that exists in today’s travel industry, making long term decisions can potentially pose significant risks. Prospera has decided to totally remove the risk of choosing a Hotel Management Company by offering simplified contracts, options for co-management or full-service management, options for flat fees or percentage revenue fees, month-to-month contracts, and general easy in-easy out terms.
Prospera Hospitality offers the speed and efficiency of an entrepreneurial-style management company with the experience and predictability of the largest management companies in the industry. Our experience managing properties of all sizes combined with our own company’s smaller, more focused size gives us the skills and flexibility to meet the needs of today’s changing environment.
Regardless of changes in the industry, we remain true to our initial approach.
Values first. We believe that the true essence of hospitality is a contribution to the welfare of others. Expect us to invest intensely in your success.
Balanced scorecard. Prospera has perfected metrics over decades of managing some of the most prestigious hotels throughout North America. These tools measure associate, guest and owner satisfaction. A successful Prospera managed hotel is one that balances the needs of all its stakeholders perfectly.
Small and mighty by design. Our goal isn’t to “go big” by building the largest independent hotel management company in the world. We seek meaningful partnerships with quality owners who have a clear vision of what it takes to build long-term success. In turn, we invest wisely in our people, properties and systems.
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