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LE has developed a new subscription service

Lodging Econometrics creates two new programs to bolster lodging vendor sales

Lodging Econometrics announced the development of two new programs designed specifically to identify the most immediate product replacement opportunities available to hotel vendors. Both the Recent Hotel Sales and the Conversion and Announced Renovation reports directly meet the needs of vendors who are looking to target those properties where the decision to commence a product replacement program has already been made and where financing is generally in place.

To compile the research for the Recent Hotel Sales report, LE’s real estate team gathered intelligence from their comprehensive hotel sales database for every lodging property that has changed ownership within the last 90 days in order to provide vendors with the most current opportunities available. This information is of great importance to vendor sales teams who are looking to bolster business with intelligence available about property owners who have decided to embark on product replacement programs soon. Individual records include all property facts and complete contact information for the key principals, such as the new owner and management group. The reports are updated as new property sales are announced, ensuring that lodging vendors always have the latest available opportunities.

Abstracted from LE’s comprehensive Open and Operating Hotels (census) database, the Conversion and Announced Renovation report includes all hotels that have made public announcements within the past 90 days of their intentions to convert to a different brand and/or undertake a renovation program. This market intelligence is very valuable to vendors looking to expand their product presence in hotels that are moving forward with significant property updates. The reports come with complete contact information for the ownership group and for known project team members, ensuring that all records are immediately actionable by vendor sales teams.

“It’s an excellent time for vendors to capitalize on hotels that are known to be updating their properties,” said Patrick Ford, CEO and President, LE. “Because decisions to undertake a product replacement program have already been made and financing is already in place, these vendor opportunities are of high urgency as they are most likely to convert to new business quickly. Product replacement is a growing market for vendors. As the banking crisis resolves and as commercial lending becomes more available, the industry will see greater transaction and merger and acquisition volume.  There will be greater conversion activity as owners move to reposition and upgrade their hotel assets.  Renovation and product replacement programs will also begin to surge as many hotels are in need of an upgrade after a prolonged period of postponement.”

“For vendors to assemble such market intelligence on their own would be practically impossible,” continued Ford. “LE is offering a turnkey solution that allows our clients to use us as their personal research team. All records submitted are immediately actionable and require no additional research.”

In addition, because new announcements are time sensitive, LE has developed a new subscription service with an express delivery feature. Clients will receive all new project records as they are announced, complete with property details and comprehensive contact information. LE will also update those records provided previously if any of the information has changed. The end result is that lodging vendors will always have the most current market intelligence for the most significant sales opportunities with complete contact information available at their fingertips.

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.