Hotel Asset Management Talent –Finite Supply for Infinite Demand
When it comes to the subject of talent within the hotel asset management community,most know how I feel: we are facing a supply and demand problem with too few high-performing asset managers available to service the ever-growing hotel ownership community. To compound the problem, the highest-performers are in the process of considering “career resets” that will include transitioning to competitor organizations. If you disagree – watch what happens when 2021 bonus payouts are paid out over the next 45-90 days.
While many close to the issue will say this is just another challenge that has surfaced due to the pandemic, I strongly believe that the limited supply of asset management talent has been a problem in the making for the past decade.
You don’t need to look past the fundamental laws of supply and demand to recognize that hotel owners should take immediate action.
When hiring asset managers, too many hotel owners have opted to tap into the very finite supply of proven asset managers rather than taking a long-term view initiating company-wide programs to identify, train, and mentor a NEW pool of asset management talent.