If you want to buy a hotel you should also consider a HAM service down the road.

If you’ve made the decision to buy a hotel (or you already own one) the work has just begun. After the successful transfer of ownership, there are many things to be done, including the implementation of strategies for the daily operations of a property. Many hotel owners choose to hire a hotel management company or hotel operator to take over the day-to-day operations of a property, while other owners may choose to run the hotel themselves. Hiring a hotel manager is not at all uncommon, but a more recent trend for hotel investors is also hiring a Hotel Asset Management service or HAM.

Hotel Asset Management Service (HAM) Defined

A Hotel Asset Management service is a major benefit to anyone who wants to buy a hotel or who currently owns one. While hotel management services typically take care of project management, HR issues, booking rooms and managing customer relations (among many other things), a Hotel Asset Management service is a little different.

A HAM service is more interested in increasing your hotel property’s profitability and optimizing the value of all assets associated with your hotel. As a hotel owner, your HAM will work with you to analyze your current budget and develop a reviewing process that ensures your property is functioning with profit and optimal operations in mind. Typically, any changes to the budget will need to be approved by you first.

A HAM service also serves as a team that evaluates the efficiency of overall operations, sales and marketing and organizational structure of your property, while having your best interest in mind. Additionally, a HAM will be able to provide you with professional counsel when it comes to legalities and investments.

What to Look For In a HAM Service

Once you buy a hotel, if you’re interested in hiring a HAM service, your next step is to vet and consult with qualified companies. As a hotel owner you have a few different options:

– Hire a larger, international HAM service

– Hire a smaller HAM company focused on a certain location or specialty service

– Or hire an individual – independent of any company – to take care of the asset management for your property

Whichever route you choose to take, you’ll want to make sure your HAM understands the overall goals and values of your property. You’ll also want to vet any potential Hotel Asset Management services to make sure they have the kind of hospitality experience you need to make your hotel profitable. Just as you wouldn’t sell or buy a hotel through a hotel broker with no experience in hotel sales, you don’t want to hire a Hotel Asset Management service with no experience in the hotel industry.

Start your search for a HAM service by asking other trusted sources or friends in the hospitality industry for recommendations, and consult with each recommended company or individual before making your final decision. Although hiring a Hotel Asset Management service may be something you do several months after buying a hotel, not necessarily immediately after, it’s definitely something all hotel owners should consider for the profitability and health of their hotel property or properties.

If you’re interested in buying a hotel, contact Southeast International today.