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 Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. 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 North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. (UNC (Universal Naming Convention) A standard for identifying servers, printers and other resources in a network, which originated in the Unix community. A UNC path uses double slashes or backslashes to precede the name of the computer. ) 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 vice chancellor n. Abbr. VC 1. A deputy or an assistant chancellor in a university. 2. A deputy to or a substitute for a head of state or an official bearing the title chancellor. 3. 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 Definition A banquet hall is a room used for social gatherings like receptions, reunions, parties, and business events. , restaurant, meeting place and premier wedding venue for the campus and community. Managed by ARAMARK Harrison Lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a , a portion of the hotel's profits after operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 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 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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