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Issue link: https://digital.miamilivingmagazine.com/i/1510159
Miami Living (ML): Can you share the story of how you and your partners grew Think Hospitality from managing one property in South Florida to 24 properties in just 13 years? What were the key milestones along the way? Shawn Vardi (SV): The transformation of our company, originally focused on real estate development and operations, took a significant turn in response to the impact of the COVID-19 pandemic. During the temporary operational shutdown, we recognized that our economies of scale were a paramount asset. Since the onset of the pandemic, we have seen remarkable growth, expanding from 400 units to over 1,500 hotel rooms. A key contributor to our success has been our steadfast commitment to fostering a strong corporate culture and retaining our valuable staff. Additionally, our proficient back office and sales teams provide resources that independent entities often struggle to afford. ML: Could you elaborate on the specific strategies or practices that Think Hospitality employs to differentiate itself in the competitive hotel management industry? SV: Our corporate culture stands as one of our most prized assets. We annually host an employee Olympics event, attended by over 1,000 employees, offering cash prizes of up to $25,000 per year. This initiative has effectively addressed the challenges of staffing during a period of substantial growth. Our commitment to promoting from within has established a robust career path for our employees, with 85% of our C-suite comprising individuals who started in entry-level positions. Our size and sales practices have earned us an invitation to join the board of the GMCVB, significantly strengthening our group business, surpassing that of any independent entity. Our revenue management practices significantly outperform the competition, contrasting with those who often outsource this function to sole proprietors. Our revenue management team is highly competitive and capable, even against larger competitors. ML: You mentioned a dual role as CEO, representing owners while focusing on profits. How do you balance these two roles effectively, and what have been the results of this approach in terms of growth and profitability? SV: In essence, our guiding principle is to act as owners, prioritizing the best interests of the ownership group. This approach has yielded rapid growth over the past three years.ML: Think Hospitality offers a range of services, including reservations, revenue management, sales & marketing, finance & accounting, branding & design, and food & beverage. Can you highlight some of the unique aspects or innovative strategies within these service areas that have contributed to Think Hospitality’s success? SV: Throughout our journey, we have consistently reinvested in technology and human talent across