PORTSMOUTH, NH -If data is capital, Hotel Equities Partners just won the lotto.
The hotel development and management company has partnered with Lodging Econometrics, the hotel research firm—which announced the deal on Monday—to gather real estate information. The collaboration is one of many inked by Lodging Econometrics over the last year after it created a formal program to help hotel owners and operators with business development, SVP JP Ford tells GlobeSt.com.
“We decided several years ago to build a database of all open and operated hotels across the US,” he says. That effort came to fruition last March, to the delight of hoteliers, according to Ford.
“We're the only company that has ownership/operator information paired with the name and contact information for the ownership group,” he notes. “So if you're an owner/operator looking to grow and you find a hotel you're interested in, if you don't know who owns it or how to contact them, you can spend a tremendous amount of time looking for that. We take you out of the research business to give you time to focus on growth.”
The company calls its new effort the Lodging Econometrics' Real Estate Intelligence Program; it works with business development teams at hotel firms, hospitality vendors as well as industry financial analysts to maximize usage of this new tool.
The company's report on open hotels marks its second set of data points. Previously, it only offered a database of the hotel industry's construction pipeline. It now offers both, spliced and diced in whatever way makes sense for an LE customer, according to Ford.
For its part, Hotel Equities Partners seized upon favorable market conditions now dominating the hospitality sector when it struck this deal with LE, according to the announcement.
“We want to continue to intelligently expand our portfolio and rapidly capitalize on the broad recovery taking place within our industry," says Brad Rahinsky, SVP at Hotel Equities, in the release. "We have assembled a deeply experienced business development team to grow our company and this tremendous resource will allow us to do so strategically and efficiently. LE's program eliminates the time consuming task of each of us conducting our own research and allows our development team to spend more time in direct contact with potential clients.”
Favorable market conditions also drove LE to roll out this offering, notes Ford.
“We've only recently made it available in a widespread way because the industry is bouncing back from last three to four years,” he says. “Now that the industry is in better times, owners and operators want to grow by adding hotels and/or signing management contracts. That's why ownership and management companies have an interest in the database.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
