In this episode of the Hospitality Breakroom, Rachel and Ashley discuss the final episode of their third season, focusing on the recap of standardization in hotels and property management success. The episode dives into learnings from the VRMA Executive Summit in Miami, where Ashley presented a fireside chat discussing the rise and fall of large property managers Vacasa and Abridge Hospitality. The discussion reveals six key insights for successful property management: 1) Curated portfolios minimize bad apples, 2) Fewer property owners drive better operations, 3) Properties with similar demand drivers simplify operations, 4) Hospitality teams must feel empowered, 5) Operations should align with local market needs, and 6) Growth should be driven by organic growth rather than mergers and acquisitions (M&A). Rachel and Ashley share examples from successful companies like Panda Express and Chick-fil-A, and discuss the challenges faced by Abridge Hospitality and Vacasa. They emphasize that large-scale M&A often leads to financial difficulties and eventual failure. The episode highlights the importance of maintaining a local focus, empowering teams, and managing a curated portfolio to achieve success in the hospitality industry. Future research and discussions will continue to explore these insights and practical steps for property managers to succeed.

00:17 Recap of Property Management Success and Failures

00:47 Insights from the VRMA Executive Summit

01:51 Comparing Vacasa and Abridge

03:54 Key Findings on Property Management

05:46 Understanding Hotel Property Management

09:00 Success Stories in Restaurant Management

10:21 Six Key Insights to Successful Property Management

11:52 Curated Portfolios and Their Impact

16:42 The Importance of Fewer Property Owners

22:13 Balancing Growth and Homeowner Satisfaction

24:03 The Challenge of Diverse Property Portfolios

29:22 Empowering Hospitality Professionals

34:02 The Pitfalls of Centralized Operations

37:57 Risks of Large-Scale Mergers and Acquisitions

40:25 Conclusion and Future Directions

In this episode of the Hospitality Breakroom, the episode covers the rise and fall of two major hospitality management companies: Vacasa in the vacation rental market and Abridge in the hotel management industry. Ashley provides a historical overview of both companies, outlining five distinct phases of growth, mergers, acquisitions, and eventual financial distress. The discussion delves into Vacasa's explosive growth from managing a single property in 2010 to 44,000 units by 2022, followed by a significant decline and a distressed sale. Similarly, Abridge's journey from 70 hotels in 2003 to 1,500 hotels by 2022 is examined, highlighting their parallel paths of aggressive expansion and eventual financial turmoil. The episode also explores earlier examples of public company failures in the industry, emphasizing that large-scale management struggles are not isolated incidents. The reasons for these failures are debated, with common arguments pointing to executive leadership, private equity, and external events. However, Ashley dispels these myths, suggesting that the core issues are structural rather than personnel-driven. The conversation teases the upcoming VRMA Executive Summit presentation, where Ashley will reveal six key principles that successful regional and scaled property management companies follow. These principles aim to address the recurring challenges in the industry and offer a framework for sustainable growth. The episode underscores the importance of understanding industry patterns and making data-driven decisions to mitigate risks associated with rapid expansion. Rachel emphasizes the value of such comprehensive analyses for industry professionals, noting how they contribute to a better understanding and preparedness for future developments. The episode ends with an invitation to the next podcast, where the six key principles for successful property management will be discussed in detail.

00:00 Welcome and Series Update

00:41 Introduction to National Vacation Rental Property Management

01:06 The Vacasa Bidding War

02:43 Abridge: The Hotel Industry's Vacasa

04:29 Comparing Growth Phases of Vacasa and Abridge

05:09 Upcoming Executive Summit

05:41 Deep Dive into Vacasa's History

11:50 Abridge's Growth and Challenges

14:18 Historical Context of Hospitality Management Failures

17:24 Failed Mergers and Acquisitions in Property Management

18:16 Analyzing the Failures of National Property Management Companies

19:50 Debunking Myths: Leadership, Private Equity, and External Events

21:27 Creating a Comprehensive Case Study

22:12 Upcoming Presentation at Executive Summit

25:24 The Six Key Principles for Success

28:28 Conclusion and Upcoming Episodes

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The episode opens with the hosts welcoming the audience back to the 'Hospitality Breakroom,' highlighting this as the ninth out of the tenth episode of the series. The focus of the discussion centers around 'certainty within' the vacation rental industry, featuring Ashley and Meaghan from Inhaven, along with Rachel, the co-owner of Abode Luxury Rentals in Park City. They share their childhood dreams and career journeys, with Rachel recounting her extensive background in ballet, journalism, and marketing before settling into the vacation rental business. Meaghan reflects on her various academic and career shifts before ultimately finding her place in the hospitality industry. The trio discusses the challenges of balancing entrepreneurship with family life and the importance of good childcare and shared responsibilities. The conversation also delves into the dynamics of working with family members within the business, emphasizing the importance of trust and the benefits of a close-knit team. Megan reveals her concerns about raising a family while managing a demanding career and the strategies she and her husband use to maintain a balanced relationship. Rachel shares her insights on how to keep children grounded in affluent communities like Park City. The discussion also touches on the misconceptions about the vacation rental industry, particularly the notion that all properties are just Airbnb listings. Meaghan and Rachel express their concerns about the industry's future, especially with the increasing professionalization and the potential loss of community spirit. They also highlight the need for better software and tools, like a comprehensive owner CRM and an effective dashboard for tracking key performance indicators. The hosts wrap up the episode with reflections on what advice they would give their younger selves, emphasizing the importance of not acting out of fear, understanding the business numbers, and focusing on relationships. Finally, they discuss the concept of standardization within the vacation rental industry, agreeing that consistent standards in the kitchen, bathroom, and bedroom can significantly improve guest experiences. The episode concludes with a teaser for the next and final episode of the series, which will cover a case study on the rise and fall of national property managers.

00:25 Welcome to the Hospitality Break Room

00:51 Today's Topic: The Certainty Within

01:00 Personal Therapy and Life Reflections

02:06 Interview with Rachel: Childhood Dreams and Career Path

05:15 Megan's Journey: From Childhood Dreams to Career

09:01 Family Backgrounds and Upbringing

15:48 Challenges and Strategies in Balancing Work and Family

18:10 Working with Family in Business

24:00 Living in Vacation Towns: Keeping Kids Grounded

28:19 Coping with Hard Days in the Hospitality Industry

30:16 The Importance of Boundaries and Personal Time

37:34 Ashley’s Background and Career Journey

39:15 Introduction to Family and Business

39:56 The Birth of Inhaven

42:52 Challenges and Misconceptions in Vacation Rentals

45:55 The Role of Technology in Business

48:32 Women in Business and Personal Reflections

01:08:00 The Importance of Standards and Certainty

01:14:26 Rapid Fire Questions and Conclusion

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In this episode, Rachel, Ashley and Meaghan engage in a comprehensive discussion about the importance of Key Performance Indicators (KPIs) in the hospitality industry. They then dive into the main topic, exploring how KPIs can influence various aspects of a hospitality business, particularly focusing on housekeeping and overall operational efficiency. Rachel mentions the challenges her company faces with housekeeping and the potential for KPIs to provide actionable insights. Meaghan offers detailed advice on tracking KPIs such as cleaning time, costs per property, inspection pass/fail rates, and recurring guest complaints. Ashley adds that understanding these KPIs can lead to better communication with homeowners and more efficient operations. They discuss the emotional aspect of KPIs and how transparency can foster team trust and engagement. Rachel shares her journey from initial fear of transparency to embracing it for better team cohesion. They also briefly touch upon corporate backgrounds and how different companies handle KPI tracking. The episode concludes with a challenge for listeners to start tracking two KPIs and hints at exciting topics for future episodes. The discussion underscores the need for data-driven decision-making in maintaining high operational standards and achieving business growth.

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00:54 Welcome to the Hospitality Break Room

01:36 Discussing KPIs and OKRs

03:29 Implementing KPIs in a Growing Company

05:07 Challenges and Benefits of KPIs

18:50 Business Development and Homeowner Acquisition

28:20 Housekeeping KPIs

35:27 Overcoming Overwhelm in Efficiency Tracking

36:19 Turning Housekeeping Supplies into Revenue

37:08 Realizing Profit Potential in Housekeeping

38:49 Breaking Down Housekeeping Costs

46:10 Navigating Housekeeping Challenges

52:02 The Importance of Transparency and KPIs

01:01:42 Implementing KPIs for Operational Excellence

01:08:01 Final Thoughts and Listener Challenge

In this episode of the Hospitality Breakroom, the discussion revolves around the history of hotels and how it informs the future of vacation rentals. Rachel Alday is joined by Ashley Ching and Meaghan Meyers from Inhaven join to discuss the evolution of hotel standards and their relevance to the vacation rental industry. They cover how hotels in the 1970s faced similar challenges to today’s vacation rentals regarding guest certainty and quality standards. The discussion delves into how technological and policy advancements in the '70s and '80s allowed for the mass production of affordable cars and the development of the U.S. highway system, respectively, leading hotels and motels to proliferate along these routes. The inconsistent quality of these early hotels mirrors the current state of vacation rentals. They recount how hotel industries improved guest standards by adopting uniform features, like Westin's 'heavenly bed,' eventually leading to higher guest satisfaction and industry professionalization. The parallels are drawn to vacation rentals needing similar standardization in areas like kitchen, bath, and bedroom essentials. Service levels, particularly the people-to-property ratio, are also highlighted as a significant differentiator between economy and luxury accommodations. Guest experiences in hotels, defined by consistency and service quality, are portrayed as a model for vacation rentals to aspire to, hinting at a potential framework for future industry standards. Throughout, the importance of understanding roles, like property managers and brand standards within the hotel industry, is emphasized. The episode concludes with a call to action for further professionalization and standard setting in the vacation rental industry, drawing inspiration from how the hotel industry evolved over the last 40 years.

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00:00 Welcome to the Hospitality Breakroom

01:19 The Evolution of Hotel Standards

02:06 The 1970s: A Turning Point for Hotels

04:51 Westin's Revolutionary Heavenly Bed

05:38 Challenges in Vacation Rental Standards

08:00 The Need for Standardization in Vacation Rentals

16:08 The Role of Professional Supply Chains

28:12 The Structure of Hotel Management

32:37 Understanding the Correlation Between Standardization and Industry Impact

33:59 Ownership and Management in the Hotel Industry

36:26 The Role of Property Managers and Distribution Channels

39:00 Comparing Hotels and Vacation Rentals: Standardization Challenges

49:22 The Importance of Service Levels and Staffing Ratios

58:44 Concluding Thoughts and Future Discussions

In this episode of the Hospitality Breakroom, hosts Rachel Alday, Ashley Ching, and Meaghan Myers discuss inventory management in the vacation rental industry. They share stories about unusual housekeeping finds, including guns and drugs, and discuss the complexities of dealing with such situations. The conversation transitions into the challenges of managing inventory, particularly linens and coffee makers, accounting for everything from air filters to batteries. They delve into the pros and cons of RFID technology for inventory management and contrast it with more feasible QR code systems. Understanding the significance of effective inventory management for operations, guest satisfaction, and homeowner confidence, they discuss the necessity of accurate data and processes. They emphasize that having a solid inventory process can enhance professionalism and reduce resolution time for guest issues. Additionally, the episode touches on the importance of certain supplies, the challenges of managing knife sharpness, the issues with overstocking and understocking various items, and the ongoing quest to improve inventory systems. The episode concludes with a teaser for a secret topic in the next episode.

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Rachel introduces the fourth installment of 'Certainty Served Weekly with Inhaven,' with guests Ashley Ching and Meaghan Myers, along with Julie from Abode Luxury Rentals. They discuss the importance of setting standards in vacation rental kitchens, aiming to enhance consistency and guest satisfaction. Julie shares her journey to spearheading the kitchen standards program at Abode, explaining her transition from general operations to a specialized focus on property enhancement. The team dives into the specifics of standardizing kitchenware, emphasizing the relevance of having consistent, durable, and replaceable dinnerware, glassware, and silverware across properties. They highlight the advantages of partnering with Inhaven for easy replenishment of items and reducing operational inefficiencies. The episode explores best practices for stocking kitchen essentials, including debates over cookware types such as stainless steel versus non-stick pans and the pros and cons of different small appliances. Rachel, Ashley, and Julie also tackle the challenges of managing spices, utensils, and coffee makers in vacation rentals. The discussion turns to first impressions, emphasizing the benefits of welcoming guests with local goodies and special treats like Ballerina Farm croissants. Meaghan shares her successful practices using local goods to enhance the guest experience. Finally, Julie underscores the importance of direct communication with homeowners to educate and align on standardization efforts. They wrap up by providing insights into managing guest expectations regarding kitchen supplies and the ongoing debate over the best way to provide guest information, whether through books, QR codes, or mobile apps. The episode concludes with a teaser for the next week’s focus on inventory management.

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00:00 Welcome to the Hospitality Break Room

00:55 Meet the Team: Ashley Chang and Megan Myers

01:13 Introducing Julie: The Property Enhancement Specialist

01:38 Setting Kitchen Standards: The Journey Begins

02:05 The Black Bear Lodge Story

03:10 Challenges and Solutions in Property Management

04:10 The Role of INH in Standardizing Properties

07:20 Standardizing Kitchenware: Best Practices

14:41 The Importance of Par Levels

16:29 Cookware Choices: Non-Stick vs. Stainless Steel

23:55 Small Appliances and Coffee Makers

28:06 Introduction to Coffee Choices

29:09 Stocking the Kitchen: Spices and Essentials

33:47 Cleaning Supplies and Guest Communication

43:31 Guest Welcome Gifts and Local Products

50:08 Owner Compliance and Standardization

53:01 Conclusion and Next Episode Preview

In this episode of the Hospitality Breakroom, hosts Rachel Alday, Ashley Ching and Meaghan Meyers join to discuss how to standardize and optimize linen programs for vacation rentals. They emphasize the importance of turning linen programs into profit centers and provide a detailed overview of what should be included in the program, including bedding, towels, and kitchen linens. They provide advice on how to create consistency across different properties, ensuring that guests have a uniform experience no matter where they stay. They touch upon the idea of mandating certain items, like pillows, to ensure quality and standardization. Meaghan discusses her experiences with linen programs at Abode Luxury Rentals, highlighting the challenges and solutions they've encountered, such as inconsistent pillow quality. They also discuss the important role that housekeeping plays in maintaining linen standards and the need for regular training and audits. The trio talk about the financial aspects, including how to price and charge for linen programs, how much of the cost should be covered by property managers versus homeowners, and how to ensure the program is profitable. Ashley mentions an upcoming inventory management tool that uses QR codes to help manage linens more efficiently. They explore the pros and cons of outsourcing linen laundering versus maintaining in-house facilities, highlighting cost considerations, operational complexities, and potential profits. They offer insights on how to make the most out of your linen investment, with a brief mention of branded custom labels to improve guest experience. Rachel shares her personal struggles and small wins in managing linen programs, emphasizing the complexities but also the rewarding aspects of standardization. The episode concludes with a teaser for the next episode, which will focus on optimizing vacation rental kitchens.

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00:00 Welcome to the Hospitality Break Room

00:32 Introducing the Linen Program

01:40 What to Include in Your Linen Program

02:16 The Importance of Consistency in Pillows

04:21 Implementing a Successful Pillow Initiative

11:05 Understanding Par Levels for Linens

19:31 Cost and Profitability of Linen Programs

33:15 Marketing Your Linen Program to Homeowners

40:01 The Importance of Guest Experience

40:53 Training Housekeepers for Consistency

41:27 Implementing a Linen Program

43:26 Housekeeping Standards and Inspections

48:16 Challenges in Linen Storage and Inventory

51:43 Insurance and Protecting Your Linens

58:36 In-House vs. Outsourced Laundry Facilities

01:08:11 Closing Thoughts on Linen Programs

01:11:42 Teaser for Next Episode: Kitchen Essentials

In this episode of the Hospitality Breakroom, hosts Rachel, Ashley Ching, and Meaghan Myers discuss the importance of standardizing bathrooms in vacation rentals as part of their new season theme: Certainty Served Weekly with Inhaven. They explore the challenges faced by property management companies like Abode in maintaining consistency in bathroom products such as towels, amenities, and toilet paper. The trio highlights the significance of choosing high-quality, sustainable products and shares personal anecdotes about transitioning to refillable versus single-use amenities. They also delve into the practical aspects of managing towel inventory, explaining how poundage and twist types impact drying times and overall guest experience. The episode covers the benefits of using makeup towels, branded amenities, and hooks versus hookless shower curtains. The discussion touches on operational efficiencies, laundry management, and the vital role of high-quality toilet paper. To wrap up, they tease the next episode on linen programs, offering insights into initial buy-ins, guest experience enhancement, and the potential for profit in housekeeping. Listeners are encouraged to reach out for more information and to anticipate upcoming events where the hosts will share further expertise.

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00:00 Welcome to the Hospitality Breakroom

00:45 Challenges in Bathroom Standardization

02:13 The Inhaven Proposition for Standardization

02:50 Insights from Property Management

08:18 Debate: Refillable vs. Single-Use Amenities

19:34 Understanding Towel Standards

22:50 Par Levels and Inventory Management

42:57 Housekeeping and Linen Management

44:25 Towel Recommendations and Types

47:10 Housekeeping Fees and Cost Management

50:23 Makeup Towels and Black Washcloths

54:06 Branding Your Bath Experience

01:00:25 High-End Guest Amenities

01:04:40 Toilet Paper Preferences and Issues

01:11:46 Shower Curtains and Toilet Brushes

01:15:33 Teaser for Next Episode: Linen Programs

In this episode of 'The Hospitality Break Room', Rachel from Abode Luxury Rentals welcomes Ashley Ching and Meaghan Myers from Inhaven to kick off a new season themed 'Certainty Served Weekly Within Inhaven'. They discuss the importance of standardization in vacation rental properties, beginning with the bedroom. They aim to elevate the vacation rental industry by matching the operational standards seen in hotels. The conversation covers many important aspects of bedding, including materials like microfiber versus cotton, commercial-grade goods, and introducing pillow protectors and encasements. They explore the challenges faced by property managers in upgrading and standardizing their inventory, emphasizing the significant improvements in guest experience and operational efficiency. Ashley delves into her rich background in sourcing and hospitality, enlightening listeners on the durability and quality of commercial-grade products. They also highlight the innovative approaches of Inhaven, which includes custom landing pages to assist with homeowner approval and easy tracking of purchases. Throughout the discussion, they offer valuable tips such as using different weaves of white sheets to easily identify sizes and standardizing pillow sizes for operational ease. Lastly, the episode underscores the shift in the vacation rental industry towards more professional, consistent offerings that enhance the guest experience. Future episodes will continue to unpack these themes, with the next focusing on defining standards for the bathroom.

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00:00 Introduction to the New Season

01:54 Meet Ashley Ching: Founder of Inhaven

06:04 The Journey of Meaghan Myers

10:56 Defining Standards for Vacation Rentals

16:53 The Importance of Quality Linens

37:49 Commercial Grade Products for Vacation Rentals

44:25 Debunking the Triple Sheeting Myth

48:49 The Debate on Colored Sheets

55:20 Hot Tips and MythBusters

57:00 Innovative Linen Management Strategies

01:01:14 The Importance of Mattress Encasements

01:04:00 How Often Should You Wash Your Pillows?

01:06:54 Working with Inhaven: A Game Changer

01:12:49 Conclusion and Next Episode Preview