Luxury Suites International Completes First Year of Operations in a Unique Growing Market (United States)
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Luxury Suites International Completes First Year of Operations in a Unique Growing Market (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Trends / Expert's advice
This is a press release selected by our editorial committee and published online for free on 2008-10-02
Las Vegas Property Management-Hotel Marketing Company Thrives in Tough Times
With difficult economic conditions worldwide, most start-up businesses must be conservative with staffing and expenses. Yet, Las Vegas based Luxury Suites International (LSI) is celebrating a successful year of business by investing and growing.
LSI was formed in 2007 to provide a hybrid service for owners of second homes located inside luxury Las Vegas Strip resorts. LSI performs property management services through its Remax Properties real estate office, and derives revenues for owners when their condo is vacant by marketing daily, weekly and monthly full service rentals. With over 4,300 "condo-tel" units currently operating in Las Vegas (and another 5,300 units opening shortly), LSI founders seized the opportunity that requires the blending of their experience in 2 disciplines -- property management and hotel marketing/operations.
LSI determined that real estate laws allow unit owners the option to use the in-house property management and rental programs, do their own property management and reservation marketing, or select a third party supplier. By providing favorable revenue share formulas, personalized property management contracts and services, LSI was able to acquire a base inventory. LSI then hired hotel marketing and operations experts, a housekeeping department, built a website and hotel reservation systems, forming a virtual hotel management company.
Currently, LSI manages over 120 Studio and One Bedroom Suites located within The Signature at MGM Grand, and is in the process of acquiring condos in other locations. Through its reservations systems, LSI can offer tourists, travel agents, as well as short and long term renters, beautiful suites in prime locations for competitive daily or long term rental rates. For the first year of operations, LSI averaged over 80% occupancy in all units.
"We had many challenges our first year," said Candace Bailey, co-founder of LSI. "With our success, I was able to hire a staff that manages our daily operations allowing me time to plan the next phase of our company growth. The owners tell us that we are increasing their cash flow and managing their properties better. Our guests tell us they are getting an upgraded Las Vegas vacation experience, at a competitive price," said Bailey.
Joe Gardella, one of the owners contracting with LSI said, "LSI and Candace Bailey are very knowledgeable about the rental market in Las Vegas. They have worked hard and put in place systems to make the rental of our units simpler, and more profitable. It's been a real pleasure seeing how professional this company is."
A recent LSI overnight guest, Tamer Hassanein, wrote, "I travel a great deal in the USA, Europe and Middle East and my writing to a company is extremely rare and only because I am very happy with all aspects of your service. LSI exceeded my expectations, as did the quality of hotel, the cleanliness of the rooms, and the friendliness of the staff. I will strongly recommend (LSI) to anyone who plans a trip to Las Vegas in the future."
LSI has aggressive goals for the coming year. "We want to triple the number of units and locations we operate in," said Bailey. "Now that we have our operations and marketing infrastructure in place, it will be easy to accommodate additional inventory to fulfill all the reservation demand we have created."
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