Can you tell us about the company’s rapid growth plan and its vision for the future?
We’ve 10x’d our holdings over each of the last 5 year periods, going from $400k to $4 million in assets under management in 2017 to currently $40 million. The goal would be to continue that pace and reach $400 million over the next 5 years with continued focus on quintessential leisure destination markets while building on the luxury boutique inn concept we are known for.
What initiatives will you be working on to support their expansion?
- Staffing of Senior Leadership roles at the brand level to support all aspects of the business from acquisitions to design to operations and investor relations. Additionally, creating site level organizational structure and development plans to cultivate talent from within.
- Strategic emphasis on driving revenue and growing our customer base with increased focus on building out our social media platforms. We are also revamping all of our websites, mobile, and producing new marketing collateral for greater reach to our prospective guests.
- We are developing a brand loyalty program with a new and improved guest recognition program and custom Kirkwood retail offerings.
- Enhancing the guest experience with local partnerships and expanding F&B offerings both in- room and in public spaces.
What are the key ways hotels can prepare for uncertain times?
- Lean into technology to create redundancy in our systems. During the height of Covid we were able to remain open while prioritizing guest and staff safety through contactless check in, advanced guest messaging and remote door lock entry.
- Protect key talent. Uncertain times inevitably trigger a fight or flight response with teams so taking care of your top performers is critical to navigating a downturn.
- Avoid the arrogant “if you build it, they will come” assumptions and approach to new revenue streams. Instead, build into consumer demand and tier the barrier to entry strategy and cost structures to grow proportionally.