Hospitality Management
Lucro Management offers full-service, comprehensive hospitality management packages for owners who are looking for wrap around support and profit growth. To stay nimble and adaptive to client needs, we also offer a la carte management services based on owner/investor business objectives, budgets, and long term goals.
From facilities management to marketing, human resources to procurement, the following provides a list of the services Lucro offers.
Financial
- Manage Accounts Payable entry, processing and payment
- Oversight of Accounts Receivable
- Oversee preparation of annual budgets
- Monthly Profit and Loss reporting
- Host monthly in-depth financial reviews
- Develop capital expenditure plans
- Review and/or develop all systems and processes, such as cash handling, loss prevention, key assignment and accessibility
- Work with on-site teams to control expenses including contract management with service providers
- Reconciliation and processing Sales Tax, Occupancy Tax, Use Tax
Revenue Management
- Drive solutions to maximize revenues
- Work with onsite leaders to manage rate structures in compliance with annual budgets
- Oversight of weekly forecasting
- Participate in revenue calls and strategy oversight
- Utilization of STR to review revenue management strategies and adjust appropriately
Facilities Management
- Provide recommendations in conjunction with brokers based on utility consumption
- Maintain itemized list of building equipment including all mechanical equipment with initial diagnosis to include age of equipment, working condition, assumed life expectancy and warranty status
- Preventative maintenance programs
- Recommendations for short and long-term asset planning
Operations
- Standard operating procedures and emergency procedures
- Annual review of outlet pricing to ensure competitive market strategies and profitability including analysis of menu items, pricing, and inventory control measures.
- Department scheduling to ensure maximum output through sustainable, formulaic processes
- Compliance with brand standards
- Working with on-site team to analyze guest satisfaction
Consulting/Contract Service
- Consulting – for short term analysis of specific area with recommendations and assistance in implementation
- Contract Services – ongoing services in areas such as financial services or revenue management
Human Resources
- Work with on-site leaders for hiring/onboarding with focus on retention
- Develop employee handbooks
- Support management in positive HR solutions
- Payroll support
- Benefits oversight
- Provide ongoing training opportunities for team
- Guide onsite leaders in employee relations through objectives such as Lucro’s Shout-Out Program
- Work with and support onsite leaders with HR compliance to protect employees, managers and investment assets
Procurement / Capital Improvement
- Branded Hotel PIPs
- Competitive bidding on all projects prior to providing recommendations
- Work with designers and contractors to ensure a successful renovation
- Assistance in maintaining a reserve fund
- Strategic Sourcing
- Creation of extended capital improvement plans for short and long-term planning
Sales and Marketing
- Review and assist with development and execution of annual marketing plan
- Assist onsite teams with SMART goals
- Work with onsite teams to establish relationships with local clients
- Analyze competitive set
- Systemize contracting process with clients
- Analyze marketing dollar spend to track ROI
- Monthly sales reporting and initiatives provided to ownership
Quality Assurance
- Announced and unannounced visits with grading system to monitor expectations
- Oversee brand standards requirements (if applicable)
