Hotel Management Companies Will Help Washington State’s Growing Hotel Business
Washington State’s Economy
Washington state has been recovering from the same recession that has plagued the entire country since the end of 2008 and the beginning of 2009. It has been a slow and bumpy road to recovery, but the upward trend has been steady since the depths of the recession in 2010. The May 2012 unemployment rate was at 8.4% statewide, comparing favorably to the May 2011 rate of 9.2%. However, there was a spike up in unemployment in the April, 2012 (7.9%) to May, 2012 (8.4%). That could be a statistical anomaly or it could be a temporary slowing of the economy. Job growth is expected to increase by 1.5% in 2012 and 1.8% in 2013. Personal income for 2012 and 2013 is expected to grow at about 3.5%. Overall, Washington is doing slightly better than the national economy and should continue to grow well into the future.
King County and the Seattle Economy
Seattle’s economy is doing even better than the state of Washington. Located in Kings County in the Puget Sound region, Seattle and other cities in the county like Redmond and Bellevue, benefit by the number of major corporations located within the metropolitan area. A few of the major corporations in and around Seattle are Microsoft, Boeing, Amazon.com and Starbucks. Seattle’s unemployment rate for May 2012 was 7.6%, well below the state and national average. With a highly educated workforce, a prominent position as the largest exporter in the nation on a per capita basis, and its high concentration of biopharma, medical device and life sciences companies, Seattle is poised for sustained growth for the next ten years.
In addition to contributing to a strong and getting-stronger economy, Seattle residents also are very attentive to preserving the environment and supporting the arts. A diverse population, music, art, job opportunities and so much more make Seattle one of the most desirable places to live in the world.
The Tourists are Coming
With all that Seattle and the state of Washington has going for it, it is no wonder that people want to come here for business and pleasure. The statistics show increasing hotel occupancy rates around the state. Seattle is particularly strong when it comes to attracting tourism and filling up their hotel rooms. The following statistics from Smith Travel Research will give you an idea of the current and future health of the hotel industry in both the state of Washington and in King County.
- In Washington, from May of 2011 to May of 2012, the occupancy rate increased from 63.3% to 65.1%, a year over year gain of 2.9%.
- In King County, year over year figures for May jumped 5.5%, as they improved from 69.5% to 73.3%.
- In Washington, May 2011′s measure of a hotel’s profitability was $62.59. That figure improved by $4.46 to $67.05 (7.1%) in May of 2012.
- In King County, year over year figures for May went from $80.82 to $90.02 (11.4%)
Getting Professional Help
With the expected influx of visitors, it is imperative that hotels are well prepared to handle the additional guests. While it is always good to have more guests than less, it can put a strain on a hotel owner and a hotel staff. Hiring a professional and very experienced hotel management company can help avoid such problems as under-staffing, training new employees and having the rooms clean and ready for arriving guests. Hotels must execute to perfection in every area to set themselves apart from the competition. A great hotel management company can provide a superior guest experience. Building a reputation for delivering excellence can only lead to more profits in the future.
Running a Competent Marketing Campaign
Another very important aspect of running a hotel is marketing. In the very competitive hotel and hospitality industry, it is no longer okay to just have a website. A competent and experienced professional working with a hotel management team can boost sales by organizing an effective social networking and internet advertising campaign. Never trust the future profits of your multi-million dollar property to a nice, but inexperienced college student who happens to be pretty good with a smart phone or has thousands of friends in his or her Facebook account.
Make it Easy on Yourself
This is business and you need someone who really knows how to bring in the customers. The money you spend to hire a good hotel management company will be well spent. You can just sit back, let them do what they do best, and watch the profits flow in every month.
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