The financial success of each property within Terrapin is of critical importance. We employ a series of comprehensive P&L management and reporting tools, operating with maximum financial transparency. P&L reviews are undertaken on a monthly basis and analyzed extensively. in order to detect any variances and determine their source. We use the power of the M3 accounting system, which we've found to be the most efficient way to monitor and manage all aspects of financial operations, including payables, receivables, daily reports and monthly P&L and cash flow statements.
SALES & MARKETING
Sales and Marketing is a critical part of our results-oriented strategy. that provides above-average revenues within our hotel portfolio. Our emphasis on building and training strong sales teams, implementing quarterly sales & marketing on-site reviews, utilizing brand resources, and maximizing market intelligence provides our properties with a competitive advantage.
Our senior leadership team works directly with our GM's, sales leaders, and brand revenue management teams to implement innovative ideas and knowledge throughout the organization in order to effectively manage rates and create pricing opportunities for maximum revenue impact. We place a high value on both technical proficiency and knowledge of current market trends.
Our vision is for our hotels to be places of true “hospitality”. Our teams are required to effectively utilize all brand tools and resources to improve guest satisfaction scores. To maximize repeat business and profitability, we constantly challenge our leadership teams and ensure our associates are engaged in providing the best experience for each and every guest.
We firmly believe people are the foundation of any hotel's success. We place significant emphasis on recruiting and retaining the best associates – from top-line managers to those who interact with guests on a daily basis. We require that our teams utilize consistent performance standards, adhere to all Terrapin Human Resources practices and ensure safety regulations are followed at all times.
As long-time property owners and operators, we've managed a number of large and small-scale renovation projects and brand required PIPs. We understand the importance of maintaining strict control over budgets and timelines to ensure a cost-effective and high quality result.