Capturing revenue and targeting high-value guests from Kensington Roundtable

So then there comes a point at the Round Table roadshows where we split into breakout groups, and this gives the opportunity for people in the room to be able to talk about the topics that we were just listening to.

I gave them a few minutes to be able to share their perspectives on how they're approaching upselling, revenue generation, commercially optimizing performance of their teams and across different channels.

So let's hear what they had to say, shall we?

Um, so we kind of, um, focused, uh, around the team element as well.

So when you're sort of ...

We've, we've touched on it, but when you're talking about revenue and trying to make profits and stuff, bringing the whole team on the journey, not just having that sit with senior management, for example, making the decisions, "This is what we're gonna do.

This is what we're gonna change," about bringing the whole team on that journey to kind of talk about that camaraderie piece as well.

Um, if we're all striving to do the same thing, you're gonna get more buy-in, and actually the team will be invested in trying to sort of strive forward and, and, and do what the business is trying to, to achieve from a revenue and a profit point of view as well.

So not just kind of keeping it at top level and going, "This is what we're doing, guys.

Everyone go along with it." Actually bringing everyone on that journey together.

Can I ...

Michael, do you mind if I just pick your brains a second? Because, I mean, f- finance is your thing.

That's, that's what you do within hotels, right?

That's right.

Um, uh, we gotta, we gotta appeal to those numbers.

We gotta look after those numbers, and, and I've al- I've heard a lot recently that decisions when it comes to investment comes down to the accounts team because it's like, does it make sense on paper? Where can, uh, general managers, commercial directors, or h- hotel managers have influence on the finance team to recognize the wider, longer value of some of these investments?

I think it's, uh, it, it's all about creating these partnerships, right? In terms of, uh, the finance team has, over the last years, completely evolved into a different breed of people, right? They shouldn't be, uh, anymore those back office people that are just, uh, responsible for creating reports.

Still, I provide a lot of data, but it's about creating that partnership as well, making commercial decisions.

Um, you've spoken about, um, creating awareness of the team, right? If you're looking at a, a hotel operating statement, right, not a single aspect there is just solely responsible for creating that profitability.

Uh, it's, it's all of those different aspects you need to consider.

So revenue generation, we spoke about this at length today in terms of market segmentation, having the right tools in place, and so on, but it's about as well what is the flow through? It's creating that, um, knowledge with the team members in terms of what is a flow through? How do I influence cost of sale, payroll, operating expenses, any other fixed components, and so on, in order to create that long-term sustainable profitability I would want to have? The finance aspect, the finance teams are the key drivers of providing that support to the business.

It was fascinating some of the conversations that I have, and we've already seen within hospitality, and I'm sorry, Paul, as I'm about to say this, hotels are more likely to invest in renovation and refurbishment than they are perhaps in a technology that's going to alleviate a lot of the operational, uh, efficiencies [laughs] that are within the business How is that business case much more successful to say, "Oh, give it a lick of paint," rather than sort of, "We will install this system and reduce the cost by 5%"?

It's a good question.

You have to make the right decision in terms of where you would want to invest with your CapEx, right? Uh, to me, certainly anything that heightens the guest experience, prolongs the guest experience, generates the top line performance, is a priority.

But when we talk about systems, it's equally important because in the end of the day, you're looking for long-term sustainability, long-term asset value creation.