There are various options for hotel consultants including specialised international hotel consultants (such as Horwath HTL, HVS, PKF hotelexperts), global real estate consultants with embedded hotel teams (such as CBRE Group, Christie & Co, Colliers International, Cushman & Wakefield, EY, JLL, Knight Frank), local hotel consulting firms and private individuals with extensive experience of the regional hotel market. The following points should help determine the most appropriate hotel consultant for the project:
- Presence: Does the hotel consultant have substantial regional or national resources with hotel focus? How many personnel do they have dedicated explicitly to hotel real estate in the local office?
- Experience: What hotel consulting know-how do they have in the specific region? Request an up to date project statement and ensure the practical background knowledge covers the project’s particular hotel sector.
- Market Knowledge: How active are they at monitoring the hotel market in the region? Search or ask for the latest market summary reports and published articles or social media feeds.
- Individual Consultant: Who is likely to be assigned to the project? Ask for summary resume(s) and ensure they have education and experience in both hospitality and real estate.
- Report Credibility: If the feasibility study is likely to be required for financing request a statement of financial institutions, investors developers, and hotel operators that have accepted their prior studies. For identified or probable financing sources, ask the financiers for their list of hotel consultants or the parameters required for their feasibility.
- Conflict of Interest: Does the hotel consultant have any relationship with a hotel operator or service provider? Ask the hotel consultant to declare in writing any affiliations which may constitute a conflict of interests.
- Accreditation: If valuation services are required, does the hotel consultant have accreditation with the Royal Institution of Chartered Surveyors (RICS) or an equivalent? What hotel experience does the appraiser have?
- Local Support Services: When considering self-management or franchising, then a qualified, locally based consulting firm or individual may be advantageous. They can potentially be implanted into the organisation to provide additional services such as structuring the operational team, actively assisting in procurement and overseeing the operation of the property, typically tasks that an international hotel consultant cannot undertake.
See also:
What can a hotel consultant do for me?