Singlepane has launched asset management software built specifically for hotel owners, adding three new modules to its original business intelligence (BI) platform.
The company’s original business intelligence (BI) solution aggregated and normalized thousands of general ledger (GL) code-level financial statements, forecasts, budgets and proformas from hotel operators on a monthly basis. This new capability provides hotel owners with visibility into detailed financial performance and streamlined comparative analysis across their portfolios.
Further enhancing its comprehensive BI offering, Singlepane integrates a continuously expanding array of third-party data sources and tools across revenue management, commercial strategy and labor management, giving hotel owners the data-driven insights required to optimize operational efficiency and profitability, according to the company.
Singlepane’s newly released modules include:
- CapEx tracking & approval: Streamlining CapEx processes from budgeting to final approval.
- Contract management solution: Centralized tracking for key property agreements with automatic reminders, abstracting tools and a “clause library” enabling term benchmarking across portfolios.
- Debt service tracking: Advanced tracking and reporting of loan details and compliance with loan covenants.
“Traditional hotel software has predominantly addressed the needs of operators and management companies, leaving hotel owners to navigate their unique challenges with manual processes and oversimplified solutions,” said Austin Segal, CEO, Singlepane. “Significant advancements in broader commercial real estate technology have typically missed the mark for hotels due to the unique operational characteristics of the asset class. Singlepane stands alone as a comprehensive toolkit designed explicitly for hotel owners, simplifying the complex management of hotel assets today, while actively developing capabilities that will soon support owners from initial investment through eventual disposition.”
Early clients are already seeing the impact. “One client told us they saved 30% of their analyst and data input labor and were able to redeploy those resources to proactive efforts,” Segal added. “That’s exactly the kind of value and reallocation of time we’re aiming to deliver.”
