As an investment analyst in Kimpton’s development team, Salamone focuses on the analytics of new business transactions, alongside a developer who is more focused on discovering these opportunities and building relationships. “My main responsibilities include compiling programming for potential or existing property, crafting proformas using our underwriting model and creating RFP and RFQ responses—and I constantly deal with various departments, on property and in the corporate office, to accomplish these.”
A big issue facing the hotel industry today is attracting and retaining good employees. Please share some candid thoughts on the pros and cons of working in the hotel industry.
During my time on-property I would always ask why “people” (owners) wouldn’t spend the money to repair a service elevator to improve a housekeeper’s experience, or buy new, shiny silverware to prevent groups from complaining. The con in the hotel industry is that, at the end of the day, hotels are a business. A big element that revolves around businesses is profitability and growth. Hotels will be less profitable the more money that is invested in them, so owners have to be strategic and prioritize capital expenditures, renovations, etc. They have to balance—which sometimes hinders operations and employee happiness. When owners and managers work to manage the balance between happiness, operations and profitability is when I see the most success in attracting and retaining good employees.