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E WOW Presentation Final
- 1. W NEW YORK- TIMES SQUARE Megan DeSousa Dewan Ahmed Gabriela Piatek Michelle Park Anthony Varnas Miranda Steinberg
- 4. RE EVALUATING occupancy x room rate x 365 Revenue: $200,000- $225,000
- 5. COMPETITIVE SET ANALYSIS HOTEL PRICE Square Feet W NEW YORK- TIMES SQUARE $2,391 1200 MARRIOTT MARQUIS $1,338 997 PARAMOUNT HOTEL $1,510 950 WESTIN NY TIMES SQUARE $4,500 1800 SOFITEL NEW YORK $1,721 1200 *Dates Used: 7/20/15, 7/29/15, 8/19/15
- 6. WEDDING PACKAGE PRIVATE TASTING CHEF BLISS SPA HELICOPTERNIGHT OUT BRAINSTORMING MUSEUM TICKETS
- 7. E-JAM • ATTRACTING AND REACHING THE TARGET AUDIENCE OBSTACLES • 2 BOOKINGS PER MONTHOPPORTUNITY • $50,000-$75,000REVENUE bookings x $2,300
- 8. STUDIO 7 • UNPROFESSIONAL MEETING SPACE • ONLY FIT FOR CONFERENCE AND RECEPTION SETUP OBSTACLES • 1 BOOKING PER MONTHOPPORTUNITY • $15,000-$20,000 PER YEARREVENUE
- 9. EXTREME SAMPLING • FINDING THE CORRECT CLIENTS • DETERMINIG A PRICE POINT OBSTACLES • 1 BOOKING PER 2 MONTHSOPPORTUNITY • $10,000-$15,000 PER YEARREVENUE bookings x rental rate x 365
- 10. E-VIP • TIMING • AGREEMENT WITH THE BAR OBSTACLES • 2 BOOKINGS PER MONTH COST & REVENUE • $55,000-65,000 PER YEARREVENUE bookings x $2,600
- 11. E-DDITION • GETTING EVERYONE THROUGHOUT THE HOTEL ON THE SAME PAGE • OVERCOMING THE SIMILARITIES OF THE WOW VERSES EXTREME WOW OBSTACLES • 2 BOOKINGS A MONTHOPPORTUNITY • $65,000-$80,000REVENUE bookings x $2,900
- 13. THANK YOU
Hinweis der Redaktion
- Verbally say that Group Dynamic Please feel free to ask us questions as we go
- Strengths: The W Brand is unique because it has a boutique feel giving a different experience than our competitors. Weaknesses: The competition offers more for their price. Also, us not being able to post to social media doesn’t help us get the word out there. Compared to the competition we are newer brand and require more exposure to acquire a vast reputation that more people know about. Construction takes away from the luxury feel of guests staying in the most exclusive room yet having to walk on cardboard. Establishing a reputation without social media is a challenge in this day and age. Finding adequate resources was also an obstacle. For example, we did not have an intern from revenue management. Opportunities: Targeting a larger audience through more appealing packages and by gaining exposure. This leads to expanding our reputation and ultimately increasing revenue. By increasing the value in the Extreme Wow we increase the desirability of the hotel and make the W New York- Times Square the place to be. Threats: Or on the other side they can sell a higher package because they offer more amenities. For example, the St. Regis is a larger space with a butler and a grand piano.
- This addresses the biggest problem the Extreme Wow had. The original rate was at $4,500 and was much higher than the competitive set and not a realistic rate for the customer. The competition's rates were either lower or offered more amenities than ours did. By decreasing the rate to a more competitive rate at $2,500, the room has received 4 bookings in the past month compared to the two for the higher rate. The lower rate has increased occupancy by 26%. A competitive set analysis was performed of the surrounding properties, and found that our rate was not consistent with the competition. Repositioning this rate is necessary for our packages to succeed.
- These are some of the hotels that are in our competitive set. I did a competitive set analysis to find. Marriott- Used the family connecting room that sleeps 8, could not find details for the concierge level, their best suite
- Currently, on the Starwood website there is a package where if guests purchase tickets through the website they receive SPG points. In the future we would like to do more packages like this. For example, if a customer buys their event tickets through the SPG website and books with us for the event we will provide an Uber to the event. We have a future pending partnership with Uber allowing us to give a maximum of $50 vouchers. This can go into effect for the next big concert.
- Adding a seventh meeting space will utilize the space in a more efficient manor. This will increase revenue for Meetings and Events when the studios are booked. It will also increase exposure for companies’ CEOs to stay in that room. One of the main limitations is that the bed creates for an unprofessional atmosphere. A solution to this is having engineering create a platform to slide over the bed. This will utilize the space in a more efficient way. For example using it as a table for drinks or business collateral. This is a cost to consider. The view of this room will also appeal to the clients as opposed to closing the room off and loosing square footage. A conference and reception setup can fit in this room. In the past month we’ve already had one booking
- Companies that have sample sales pay for warehouse space for a few days or weeks. By opening up this space that appeals to the fashion culture we can make a profit, and also gain exposure to the customers shopping the sample sale. One of the biggest obstacles is finding the correct cliental and creating a price-point for one day rental. Also, a system would need to be created to escort the customers up there. We plan on comping a small portion of beverage and food to the first few bookings in order to incentivize the client. This is a cost to consider. This is a package that other hotels have used. For example, _______ used this.
- The Extreme Wow Suite is meant to give off a luxurious and exclusive feel. By creating a VIP package guests will get that exclusive experience. When someone books the E-VIP package they will be greeted in the room with champagne and chocolate covered strawberries. A VIP booth behind the DJ will also be roped off exclusively for this party. First round of drinks will be on us which will equate to 3 SIPs tickets for 6 people. An obstacle is the construction. We do not want these VIPs walking on cardboard; therefore, this package will go into effect when the living room opens and construction has finished. Also, we have to come to an agreement and get Indie Fork on board. If this package is successful, this should become a standard amenity for the Extreme WOW guests. It can also be an add on to other rooms to buy this booth as an amenity.
- Compared to the competition our Extreme Wow Suite is small. Also, our WOW suite is the same size, a fourth of the price, and comes with more beds. This makes the WOW more appealing. Typically, the executive suite is smaller than the presidential, but in our case they are the same size, 1200 square feet. The Extreme Wow Suite is one floor higher, but the WOW has more beds at one fourth of the rate. We wanted to increase the value of the WOW and make it more appealing and better than the WOW. By adding a conjoining room it increases square footage, the views, and the amount of people it can sleep. It also makes us more of an equal competitor in the market. It comes with 4 SIP tickets, $100 dining credit, and complimentary Wi-Fi and munchie box items. This package has been implemented and was booked one week after going live on the website.
- Over the past month of our efforts we had a 46% increase in room nights booked. The last six months the Extreme Wow Suite only sold at 6% occupancy. Additionally, between July 9, 2014 to August 4, 2014, we had 0 room nights booked. Breakdown: 6% is broken down to it was sold for 10 nights out of 180 days. The 52% is broken down to 13 nights out 25 days.