South Florida's hospitality market is improving with the economy, but hotel operators can't relax. Better times mean more competition luring guests from properties that are even the least bit dowdy. (Guests are fickle, shallow, and easily stolen away... like our prom date.)
H3 Hospitality partner Seth Gadinsky tells us that "value enhancement for hotels is a constant goal--they need to keep up with competition as fresh new hotel brands appear on the market monthly." It's critical to keep up with the industry's changing trends, to develop unique food and beverage concepts or retail offerings, and to bolster a hotel's assets. (Might we suggest having an in-hotel magic shop?) Recently Seth, who owns Gadinsky Real Estate, formed H3 along with colleague Justin Schultz and nightclub developers Cal Fortis and Ken Barilichà to specialize in adding that missing zing.
Seth adds that common-area assets like lobbies, restaurants, retail, and even storage areas and rooftops are great opportunities for hotels to generate revenue. "Hotels can use these spaces to create one-of-a-kind dining or entertainment, and their guests will talk about it," he says. These spaces also become separate revenue drivers for people not staying at the hotel and, when marketed properly, give the hotel another recognizable brand. Pictured: the B-Bar at The Betsy Hotel in Miami Beach, which Cal designed. (Perfect for those inclined to dance battle.)
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