Steve Hwang, Consulting & Valuation, Singapore Office
While at Kyung Hee University in Korea studying hotel management, I interned at the banquet department and sales department in Westin Chosun Hotel and Millennium Hilton Hotel in Korea, respectively. During my university years in Korea, I became increasingly fascinated with the hospitality industry and decided to transfer to Conrad N Hilton College in the University of Houston. I believe my diverse background in Korea and the United States helped me gain this invaluable opportunity to work at HVS.
As a senior analyst, most of my time is spent researching and writing appraisals, market study and feasibility studies for hospitality-related properties such as hotels, resorts and serviced apartments, from extended-stay properties to full-service luxury hotels in various destinations in Asia. My job allows me to travel to various markets throughout Asia and gives me fascinating insights into different markets.
I've consulted on numerous hotel appraisals and hotel developments during my 21 months with the firm. The following is just my 'typical' week at HVS:
Monday
- Regular Monday meeting with our team members
- Carry out preliminary fieldwork for the proposed hotel development in the Thailand market
- Arrange meeting schedules with the client and the fieldtrip travelling schedule
- Call general managers of competitive hotels to set up interviews
- Call the tourism authority and planning department to set up interviews with government officials
- Research on the country and market data
- Read up on recent literature on the state of the local economy, including unemployment, airport and other relevant statistics
- Research on comparable destinations
- Work on writing the market overview section of the Bangkok market and economic feasibility study
Tuesday
- Request for site information from the client
- Return calls and emails
- Follow up with the general managers and government officials
- Review the information I have on the proposed hotel and recent projects in the market
- Create maps with markups on site and competitors to use during fieldwork
- Prepare fieldwork checklists, including questions to ask the general manager, site description form and competitors survey form
- Pack for trip - ensuring to bring business cards, digital camera, and contact numbers and addresses, with visa and ticket all in place
Wednesday & Thursday
- Early morning flight to Thailand
- Meet with the client and architect to have a better understanding of the development concept
- Conduct site inspections with a senior associate (often the selling associate and hence supervisor for the project) and the client
- Take pictures of the subject site and neighbourhood area, taking note of any unusual details to include in my write-up for the site analysis section
- Meet with government officials of the tourism authority to gather tourism information and discuss the government's initiatives on the tourism industry
- Meet with government officials of the planning department to understand the city's development plan, including infrastructure and zoning
- Conduct meetings with the general managers of competitive hotels
- Visit other comparable development sites
- Complete site inspection and competitors survey forms during my field trip
- Organise my fieldwork notes daily throughout the field trip; to ensure that I have not missed out on any necessary information while in the field
Friday
- Arrive in Singapore on Friday morning
- Review the information gathered from my field trip
- Create meeting notes
- Start my pre-analysis of the market and the proposed hotel and fill out projection models
- Discuss my pre-analysis with my supervisor
- Start preparing the report templates for the draft report
- Arrange a report and financials reviewing schedule with my supervisor and an editing schedule with our in-house editor
Being able to multi-task is important. Besides working on a new project, I have to work at finalizing other reports and projects, and responding promptly to existing and potential clients' calls. Meeting deadlines is also a critical aspect of our work.
Along with project work, I have attended conferences - particularly when the venue is in Korea, and am also tasked with article writing for our annual publication, Asia Pacific Hotel Watch. These various tasks present a steep learning curve and can be extremely hectic at times. My company helps me to balance my work and leisure life with several company social gatherings. I have also found wonderful, fun-loving colleagues amongst both the local and foreign staff.
At HVS, I am consistently learning new things everyday. Besides developing the ability to research and analyse complex trends which potentially affect the lodging demand, I have acquired an immense amount of experience and knowledge of various lodging developments in the different markets.
If you want an environment where seniors provide training and advice both formally and informally and where you can spar with colleagues on a daily basis - HVS is the place to be.
