Chief hospitality and leisure officer at Dubai’s Wasl hotel group told the Arabian Hotel Investment Conference (AHIC) #AHIC this morning that conventional hotel ownership models will be replaced by professional financial management.
“The focus is on the bottom line,” Al-Hashimi said. “We develop hotels as investments and expect a return. That is the main focus.”
“There will be no such thing as an owner with a financial accountant in five or so years,” Al-Hashimi said. “You will have certified asset managers that have been in the industry and understand it. This will start off by looking at profit and loss statements.”
Al-Hashimi said that at present key financial indicators tracking hotel performance are inadequate.
“We as asset managers ask for new ratios and indicators,” Al-Hashini said. “The general manager is focussed on running the operating. We bring in a platform for regional officers to meet quarterly where issues can be discussed and monitored.”
Wasl hospitality has 14 operational hotels in the Gulf with a total of more than 4,000 luxury hotel rooms and 1,314 serviced hotel-apartments and villas under the management with various operators. These include Le Meridien Dubai, Le Meridien Fairways, Westin Mina Seyahi and Le Meridien Mina Seyahi which is managed by Starwood Hotels and Resorts.