Sustainable growth in one of the world’s toughest markets

It is okay to take pride in being a "hidden gem". But a property in Manhattan took a different route. How "The Time" hotel in Manhattan has gained visibility and reaped benefits after joining HRS Marketplace.

Text: Laura Myers // Fotos: The Time New York

The Time New York does not have a location problem. Positioned in the heart of New York City‘s Theater District, only blocks away from Rockefeller Center and Times Square, it sits smack-dab in the middle of one of the most exciting cities on the planet. This unexpected urban oasis, between Broadway and Eighth Avenue, is the preferred haunt for entertainers, artists and the rest of the creative class. Relaxed luxury is what describes The Time Hotel best as it draws inspiration from its talented neighbors in the worlds of music, theater and multimedia.

Celebs, tourists, corporate clients

Almost half of the visitors to The Time are corporate clients due to the many media and entertainment companies located in the vicinity. In fact, a good share of national and international celebs are among them – they like to stay under the radar of paparazzi. And, yes, the 193-room hotel has a large percentage of tourists. Of course, depending on the season, this business fluctuates frequently.

A hidden gem

Opened in 1999, the property did undergo an elegant $30 million David Rockwell redesign that turned it into a modern lifestyle boutique hotel in 2015. Its hotel restaurant is the famed Italian Serafina. The stylish bar - the LeGrande Lounge – can be partitioned off by a heavy curtain, increasing the pervasive aura of seductiveness and secrecy. The reception on the second floor has been created as a sanctuary where guests can decompress after walking in from the hustle and bustle of Times Square. In short, The Time is a hidden gem.

Gaining visibility

However, sometimes you do not want your gem TOO hidden, especially when you are competing in one of the world’s toughest hotel markets. "We are surrounded by a huge number of corporate accounts, yet to corporate customers we simply have not been visible enough. We used to spend half our days soliciting new accounts", says Nathan Goodman Jr., Vice President of Sales and Marketing at Time Hotels. Even though The Time had been firmly established in the market, some corporate accounts just seemed difficult to get. After The Time joined HRS Marketplace in early 2017, the tougher nuts have been easier to crack. “We now have business coming to us instead of us having to spend a lot of time soliciting”, states Goodman. Out of five inquiries received, three turned into bookings. Included were two corporate accounts which years of soliciting had not translated into rooms booked. "We really were able to fill in the gaps“, says Goodman.

Sustainable production

“Collectively, since signing with Marketplace, we have generated over 700 room nights for over $100k in revenue. We expect that production to continue to grow as the sales teams continue to work those accounts by way of sales trips etcetera”, adds Goodman. One thing Nathan Goodman Jr. really likes is that he can now see price points as well as the number of competing hotels. “I love the ranking tables provided by HRS Marketplace. They allow us to accurately gauge our pricing which helps us to better position the property", he notes.

It's all about the dialogue

When asked what he appreciates most about the cooperation with HRS, he emphasizes HRS’ ability to communicate and be responsive. “HRS truly works closely together with us to make sure that we are receiving the right leads for business. They make sure that we are informed and up-to-date with their tool and the changes and improvements that can be of greater use to you.” He adds, “In short, I would say we have developed into a symbiotic relationship.”

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