Coming and going through the campus front door: the value of a showcase hotel goes beyond room-nights.If the still-growing trend of refurbishing premier campus hotel properties continues, travel just might get some of its luster back. At the very least, the affiliated colleges and universities can expect payback that by most measures outweighs a campus hotel's actual financial contribution--though the bottom line is generally healthy as well. "We do see The Carolina Inn as playing a significant part of the university's overall image," says The Carolina Inn's Creston Woods, General Manager, "which we hope positively impacts the university, our guests and the community. It's essential that The Carolina Inn present a powerful image as the 'front door' to the school for all visitors and residents. "And we frequently provide the visitor's last impression when they leave the campus," he adds. His view of the critical importance of the Inn's image is shared by his University of North Carolina (UNC UNC - Universal Naming Convention UNC - Uncirculated UNC - Unified Coarse Thread UNC - Unified National Coarse UNC - Unión Nacional de Campesinos (Spanish: National Union of Campesinos, Honduras) UNC - United National Congress (Trinidad and Tobago) UNC - United Nations Command UNC - United Nuclear Corporation UNC - Universal Noiseless Coding UNC - Universidad Nacional de Córdoba (Spanish, Argentine University)) colleagues and partners. "The Carolina Inn contributes to what people think of when they think of Chapel Hill," notes Carolyn Elfland, UNC Associate Vice Chancellor of Campus Services. "It's situated on a very prominent corner and has value that extends beyond just the first-class hotel services it provides. It's a town showcase so we are very, very concerned about the image it projects. It's nothing less than the home for UNC's returning sons and daughters. It truly is our front door." In fact, like many other campus-owned or--based premier hotels, the picture postcard-perfect 184-guest room hotel also serves as living room, meeting room, conference center, banquet hall, restaurant, meeting place and premier wedding venue for the campus and community. Managed by ARAMARK Harrison Lodging, a portion of the hotel's profits after operating expenses support the school's extensive North Carolina library collection. "Actually, we were losing money on the operation years ago," says Elfland, "so we needed a practical strategy that would convert it into an income-positive revenue source. We turned management of it over [to ARAMARK Harrison Lodging] and we made the cash investment Cash Investment Short-term obligations, usually ninety days or less, that provide a return in the form of interest payments.Notes: Examples are money-market funds and short-term CDs. See also: Cash, Money Market in upgrades. Since our $20 million renovation in the mid90s, the Inn has been profitable ... in more ways than just financial."
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