What is the definition of Asset Management in the hotel industry?
Asset Management is the orderly procedure of developing, operating, maintaining, improvement and disposing of resources cost-effectively. An asset is any source owned by a dealing.
Corporations working in the field of Asset Management, direct investments on behalf of others and make it their duty to maximize the value of their client’s collection. Asset managers work in the owner’s interest and help out in maximizing the value of the asset/property all through its different life-cycles. In the hotel industry the first step to successfully manage an asset is by examining all the incomes are made by the different departments (rooms, spa, food and beverage, etc.).
Through thorough research asset managers are able to identify new sources of revenue stemming from both the prepared and property side of the hotel. As all assets, particularly properties, are uncovered to the effect of the economy, politics and finances an asset manager relies on common survey in order to arrange ahead and act accordingly.