Lessons Lived, Lessons Learned: Management companies plan for a brighter future post COVID
As the pandemic continued, the management companies presented the owners with the data they needed to know about property performance. “Forecasting, particularly on the cash side, became an imperative, so our conversations that may have occurred once a month were now more likely once or twice a week,” said Joseph Bojanowski, president, PM Hotel Group. “The alignment around their objective, while it was always there, felt a little tighter and more communicative than it had been in the past. To some degree, it was mutual survival, so that formed a closer bond than we had in the past with a number of our ownership groups.”