At the upcoming International Hotel Investment Forum being held March 4-6 at the InterContinental Hotel, Berlin, Jay Stein, CEO of the Dream Hotel Group, will participate in the panel "Seeing the Bigger Picture: How to Maximize Revenue Beyond the Bedroom."
The session is poised to tackle some heavy questions: How can hotels make money outside of lodging and monetize every square meter of hotel space, finding multiple uses for different areas? Can co-working and co-living spaces increase revenue? If so, what are the design and operational considerations?
At Dream Hotel Group, Stein oversees the evolution and expansion efforts of the company and its portfolio of brands: Dream Hotels, Time Hotels, The Chatwal and Unscripted Hotels. With more than three decades in the hospitality business and more than 20 years with Dream Hotel Group’s predecessor, Hampshire Hotels Management, Stein has served in a variety of property and corporate roles with both large and boutique hotel brands, including Hilton Worldwide, Starwood Hotels and Resorts, and Doral Hotels.
Ahead of the conference, Stein shared his insights on the future of the hotel investment market and the ways hoteliers and investors can maximize revenue opportunities.
1. How would you describe the hotel investment market in 2019?
In one word; cautious. Of course, this varies by market, but I think the global consensus is to be cautious.
2. What is Dream Hotel Group’s position and strategy for the year to come?
Our goal is to maximize growth in our management contracts and to continue to invest in our global development team to execute this strategy in the United States and abroad, with a renewed emphasis on Asia-Pacific.
3. What are the biggest challenges faced by hoteliers/investors in the current hotel investment market?
The cost of construction is skyrocketing, and finding labor continues to be a big challenge in many markets globally.
4. What existing hotel brands do you think are most interesting to watch?
We’re paying close attention to the Hoxton brand and private clubs (i.e. Soho House, Neuehouse), as well as the home-sharing market as a whole (i.e. Airbnb). Basically, any disruptor in the space is always fun and very interesting to watch.
5. Who or what is the biggest inspiration guiding your career?
Early on, I loved watching anything Ian Schrager was doing. But in the last 20-plus years, I’d have to say our chairman, Sant Singh Chatwal, has been the biggest inspiration and greatest mentor of my career.
6. What are you most looking forward to at IHIF?
We’re always looking for new opportunities to grow and expand the company into new markets and continue to increase exposure for our four proprietary brands—Dream Hotels, Time Hotels, The Chatwal and Unscripted.
7. You are taking part in the asset management session tasked with that often discussed and debated subject of how hoteliers and investors can maximize the revenue opportunities beyond bedrooms. What do you see as the main trends in this space for 2019?
As a company, Dream Hotel Group specializes in bringing the neighborhood into our hotels via dynamic food and beverage programming. Many brands may say this, but it’s truly a cornerstone of our business. This includes exploring totally new opportunities like a live music venue at the newly opened Dream Nashville, which is something we may want to bring to other locations. It’s costly, but very fresh and exciting, which motivates us to always think outside the box. We’re also looking at bringing other dining and nightlife concepts to Nashville, like a live magician and a super gourmet sandwich shop—things that have never been done in the Nashville hotel market. It’s our goal to maximize every inch of an asset, as we’ve done time and time again our existing hotels, i.e., Goldfinch coffee shop at The Time New York, Fishbowl at Dream Midtown and Electric Room at Dream Downtown. We’re always looking for ways to activate unused public spaces like the lobby by bringing in DJs, fireplaces, rotating art galleries, radio stations etc.
Jay Stein will be speaking on Seeing the Bigger Picture: How to Maximize Revenue Beyond the Bedroom, 3-4 p.m. on March 5 during the International Hotel Investment Forum (IHIF) which takes place March 4-6th at the InterContinental Hotel, Berlin. IHIF is organized by Questex Media, the parent company of Hotel Management magazine.