HotStats CEO Mike Grove Shares Crucial Insights

We asked Michael Grove about his key takeaways from reading the RLA Global 2024 Wellness Real Estate Report.

Primarily, Michael emphasizes the danger of viewing metrics in isolation:
"We get a lot of requests around the profitability and sustainability of Wellness as a department in the hotel... I think that's quite a dangerous concept because there is obviously a direct correlation between how you drive Wellness and how that impacts other areas of the business."

Key insights from Michael:

• The interconnectedness of hotel departments
• Luxury segment performance trends
• The evolving role of Wellness across hotel categories
• The importance of comprehensive data in investment decisions
• Adapting to changing guest behaviors

Michael Grove stresses the critical role of expert analysis in investment decisions, explaining how a coordinated approach to data interpretation is essential for matching the right strategy with the right market and asset. "That's where I guess experts like RLA come into it", he noted.

Our latest podcast episode with Michael provides a roadmap for making informed decisions in an increasingly complex market.

Ready to dive deeper? Click here to watch the full podcast episode:

"Data is Key: View it Comprehensively" and gain a competitive edge in your hospitality ventures.