Welcome back to HospitalityMD. Kyle was invited back the speak to students in the hospitality program at the College of Dupage in Illinois. Here he speaks about lessons learned in the hotel industry regarding Franchise Ownership and Management.
Kyle talks about a recent experience at a hotel.
Kyle mentions Dylan, the hotel manager, and praises his abilities.
Kyle recommends getting involved with the hotel, as it is a great learning opportunity.
Kyle discusses their first experience speaking at the college and how they want to elevate their current talk.
Kyle explains that a hotel is a real estate asset with owners and a management company. The management company is responsible for running the hotel and is paid a percentage of the hotel's revenues. The management company is also incentivized based on the hotel's profits.
Kyle discusses the difference between a franchise and a chain hotel. In a franchise, the hotel owner pays a fee and receives support and branding from the franchise company. The franchise company has no ownership in the hotel, but benefits from its success. In a chain hotel, the company owns all the hotels and the management company works for the company.
Kyle discusses the benefits of a franchise for the hotel owner, including support and a recognizable brand. Kyle also discusses the benefits of a franchise for the franchise company, including profits from the hotel's success.
Kyle encourages the audience to think about what type of hotel ownership and management model would be best for them.
Kyle concludes by reiterating the importance of doing a good job in order to attract repeat customers and positive word-of-mouth.
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