This week JLL, the world’s largest real estate advisory firm, announced their use of guest review data for their hotels team globally.
This is a key milestone in the maturity of user-generated content, where review site scores are still important, but savvy analysts are going further with detailed competitive benchmarking, text analytics, and future demand projections. “Hotel reputation data helps us to provide our clients with new insights into the drivers of their asset’s value, on both investment sales and asset management instructions,” said Mark Wynne- Smith, global CEO of JLL’s Hotels and Hospitality Group.
Online review data provides insight into anything anyone has ever said about any hotel. Unsurprisingly, owners and investors find this valuable for answering questions such as:
- How is this hotel trending in guest satisfaction, in service ratings, in perception of value – compared to its competitors?
- What insights from guest feedback will assist while negotiating an asset sale or management contract?
- What capital expenditures will be required to make this property more competitive in the market?
- Is a new management company needed to maximize returns?
- How has Brand X performed vs. Brand Y over the past three years?
The growing reliance on online guest reviews across the entire hospitality spectrum – from consumers to management to brands to owners and advisors – benefits all involved. It aligns all parties around creating guest-centered products and experiences, and rewards the ones that do this best.
It’s an exciting time to be in hospitality: We have more intelligence than ever before to understand opportunities, serve guests, build competitive advantage and increase profits.