The Opportunity

The Savoy Hotel is a 75-room hotel on prime oceanfront property South of Fifth Avenue in Miami Beach, Florida. The property had languished for years due to deficient service levels, inadequate management, poor preventative maintenance programs and ineffective use of capital reinvestment dollars. The hotel had failed to take advantage of its prime location as a competitive advantage in marketing and pricing, while also failing to deliver guest experiences that would create a world-class reputation and repeat guest clientele.

The Vision

Coral Hospitality immediately saw the opportunity to complete a low-cost, high-return property improvement plan, implement an effective preventative maintenance program and deliver Coral’s industry leading service enhancement programs to quickly turn around the reputation and financial results of The Savoy. Aggressive rate positioning and best-in-class yield strategies drove top-line revenues to allow The Savoy to assume its rightful position as a market leader on the heels of the property improvement plan.

The Results

Coral Hospitality developed, designed, and oversaw a $1 million property improvement plan to address structural and property aesthetic improvements. This improvement plan was completed within four months of Coral’s taking over the operation of the property. During this time, Coral’s revenue management and sales professionals were

developing a strategic plan to position the hotel as a market leader. This included development of rate categories to take advantage of the property’s distinct characteristics, the construction of leading rate strategies to take advantage of market demand and the creation of an innovative public relations and marketing plan to launch the new and improved Savoy Hotel and Coral’s delivery promise to the property’s future guests.

Like all Coral properties, Coral’s Basics of Service and intensive training programs were immediately focused on the development of better trained, empowered and actively engaged employees to provide exceptional service to The Savoy’s guests. Upon the re-launch of The Savoy, the hotel had well-trained, enthusiastic employees warmly welcoming each valued guest to the hotel. The property improvement plan and service enhancements were immediately met with overwhelming positive acceptance as reflected by significant increases in guest satisfaction scores and Trip Advisor rankings.

The owner’s vision for the property was exceeded both from an operational standpoint and in the financial results. Demand generation, rate positioning and delivering exceptional experiences have made The Savoy Hotel a premier destination in Miami Beach. Due to the exceptional success of its original vision, Coral is currently leading a redevelopment plan for the property to further enhance the value of the property for its ownership and guests.