Whether part of the business plan or as a result of it, strategic planning at the asset level can create significant competitive advantages. In addition, if you are developing or renovating an independent hotel, a good strategic plan makes the process of competing with the big brands much easier. This is accomplished by creating a customized brand of one – a brand designed to effectively compete with the competitive set in your specific market with a product and service promise that resonates with guests.

The principals of HHG, in their role as co-sponsor and asset manager re-opened the Hotel Figueroa in downtown LA (see current portfolio and case studies). Like the others on this list, it has been designed to compete against the chain brands and independent hotels that serve the downtown LA upscale and luxury market. The Figueroa has joined a long list of success stories including the Liberty Hotel Boston MA, The ZaZa hotels Dallas and Houston, the W Hotel San Diego, the Hotel Sax Chicago, and the Mosaic Hotel Beverly Hills. One of the common denominators in every one of these hotels is that they each received hundreds of millions of impressions in national and worldwide press. That is the power of a solid strategic plan and brand.