DreamCatcher: A Missing Link for Years
Industry Expert: "The Long-Awaited Missing Link in Hotel Development"
When you are developing a hotel, more often than not, the wants exceed the needs. Architects can dream better than anyone, but when the reality of the budget sets in, you may have numerous rounds of revisions before you land on a final hotel design. It’s a time-consuming and expensive process and it is simply the way it has always been done.
Until DreamCatcher Hotels.
A Hotel Brand Aligned with Owner Priorities
“DreamCatcher Hotels is hotel brand unlike any other,” said Glenn Malone, CEO of Nashville, Tennessee-based hotel management and development company, Senate Hospitality.
“The DreamCatcher team leads owners to really look at what their priorities are, and then provides the information owners need to know about exactly what they can build within the budget that contains those priorities.”
Malone knows a thing or two about hotel development. He has over 30 years of experience in the hospitality industry and is an expert at the analytical side of the business. His resume includes the top names in the industry such as Holiday Inns, Embassy Suites, Homewood Suites and Hampton Inns, plus large 1,500-room resorts such as Gaylord Palms in Orlando and Gaylord Grapevine outside of Dallas.
He says the difference with DreamCatcher is that they have the owner's interest in mind.
“DreamCatcher fills what, in my opinion, has been a missing link in hotel development for so many years,” said Malone. “You get a co-developer right at the table with you who has a stake in the success, just like you. There is risk for DreamCatcher if estimates are off; there is risk for them if there are numerous change orders. They have a vested interest in seeing the project through to success. DreamCatcher guarantees their plans and costs. And, once the hotel is finished, DreamCatcher is still there, giving you discounted prices on restocking orders and making sure you run a successful hotel.”
If this past decade has brought anything to the way business is done, it's disruption.
Just as microbreweries disrupted how the major beer brands conducted business for years and ride-sharing options like Uber and Lyft introduced a whole new way for people to move from one place to the next, DreamCatcher Hotels is an industry disrupter. The company was created to change the hotel development model.
DreamCatcher does this with its methodology for developing hotels that has never been attempted before. The company only hires contractors who have experience with developer-driven hotels. They ask those contractors for bids and compare the numbers with their proprietary cost database to confirm the pricing is in line with what it believes it should be. Those bids are divided into two parts – a fixed price for the hotel prototype and a guaranteed maximum pricing (GMP) for ancillary components, such as a ballroom, restaurants, swimming pool, laundry, parking structure, and so on.
“The DreamCatcher team lays the groundwork for a successful project from the beginning of the partnership. They do the work of determining what can be spent and where it should be spent with owners,” said Malone.
Brand Standards and a Development Process Fit for a King
DreamCatcher’s highest-profile development thus far, The Guest House at Graceland in Memphis, Tennessee, is one example of DreamCatcher industry disruption at work. This model allowed DreamCatcher to start the Guest House project by guaranteeing the cost of the guest rooms and suites.
Development costs came in at $100,000 a key for the room components, including all fees, FF&E and OS&E. The hotel was then able to allocate the remainder of the budget towards adding unique and memorable elements, all within its $92 million price tag.
Those elements included a 17,500-square-foot ballroom, a theater that seats 470 visitors, a separate catering kitchen, five food outlets including two full-service restaurants, a gift shop, an exercise room, and an outdoor pool with a spa and event lawn. With 450 rooms, the total cost-per-key came in at $205,000 a key – an incredible price for an AAA-rated 4-Diamond hotel.
Guest Touchpoints that Make All the Difference
DreamCatcher offers a customizable standard-room prototype that defines the quality level of every guest touchpoint – whether that is the overhead rain shower showerheads, the clock radio that shows time on three sides so you can see it from anywhere in the room, or the iron that doubles as a vertical steamer.
Regularly, the DreamCatcher team canvasses the industry to find which manufacturers are focused on R&D and cutting-edge technology. DreamCatcher's coveted brand standards define what will be acceptable -- and what won't -- in a DreamCatcher guest room. The company consistently updates its vendor network to protect the DreamCatcher brand standards and to ensure every room will delight guests. Those vendor products are then provided to owners at a discounted DreamCatcher price when restocking and reordering is needed.
The DreamCatcher Team
DreamCatcher can do this because of the decades of experience and the strong relationships the team has developed.
“There is no other company around that has all of this on one team. It is unheard of,” said Malone.
“If you think about it in terms of the traditional route – when you sit down with an architect, they want to win the job. They want to wow you with their designs, regardless of your budget restraints. DreamCatcher is there at the table with you as a partner, as a member of your team. DreamCatcher has your bottom line in mind and will not waste time, money and resources with plans that do not consider that.”
“With DreamCatcher you get a developer acting more like an owner would act. As an owner, that is something you don’t see at all in this business and that is why I respect the DreamCatcher model so much.”
About Glenn Malone
Glenn Malone is the CEO of Nashville, Tennessee-based Senate Hospitality. He has over 30 years experience in the hospitality industry and is an expert at the analytical side of the business. Malone has worked in various operating, accounting and finance positions within Holiday Inns, Embassy Suites, Homewood Suites and Hampton Inns.