M3 Adds 7,000th Hotel as Record Growth Continues
M3 Adds 7,000th Hotel as Record Growth Continues
M3 now serves over 7,000 hotel properties with its award-winning, back-office accounting, reporting, and labor solutions. Since coming to the hospitality market in 1998, M3 has experienced record-breaking growth each year. The growth can be attributed to the time and cost savings that customers experience when adopting the M3 platform.
Over the past 17 months, more than 100 hotel owners, operators, and third-party management companies elected to implement M3’s hospitality-specific tools. Labor shortages and evolving owner demands put a new focus on the necessity for advanced financial reporting and accounting, data management, forecasting, and accurate labor management. M3 is uniquely positioned to put this information at a hotelier’s disposal through one provider.
The pandemic created an opportunity for existing hotel companies to grow through mergers, acquisitions, and business alliances. This organic portfolio growth, combined with M3’s new customer growth, has allowed the company to also surpass the 1,000 customers threshold. Currently, more than half of the country’s top hotel management companies, as ranked by Hotel Business, rely on M3’s services to manage vital day-to-day property operations.
The company’s 7,000th property is owned and managed by Luminous Hotel Management based in Warrenton, Virginia.
Luminous Hotel Management (LHM) is a full-service hotel management company centered around the belief that teamwork drives success. LHM draws on 70 collective years of experience in the hospitality industry and extended that teamwork concept by drawing on the 20+ years of business success exhibited by M3. M3 will equip LHM with the tools and knowledge necessary to facilitate their approach to design and implement effective asset management strategies for the properties in their portfolio. Neha Jadhav, Co-Founder and CFO of LHM puts it this way, “Ease of use, functionality, and scalability were some of the big roadblocks we were experiencing. As we continued our growth and added more properties, we needed to reevaluate our accounting needs. This re-evaluation led us to M3.”
“In just two short years, we grew from 6,000 hotel properties served to over 7,000,” shares Scott Watson, chief sales & marketing officer for M3. Watson adds, “We do business on a handshake. M3 does not force customers to sign agreements, yet we are able to retain 95 out of every 100 customers we do business with. Our training, implementation, and support teams help position the customers we have for success, and our sales team continues to bring in new customers. That combination puts us in the advantageous position to grow exponentially.”
M3’s commitment to customer success, consistent year-over-year growth, and cutting-edge technology have allowed the company to receive several business and industry recognitions. Earlier this year, Hotel Tech Report recognized M3 as the #1-rated Hotel Accounting and Financial Reporting Software Company. That acknowledgment has recently been followed by the Atlanta-Journal Constitution’s Best Places to Work Award, a Golden Stevie® Award, and a Best of Gwinnett Award, among others.
Built by hoteliers exclusively for hoteliers, M3 is a powerful cloud-based financial platform and services company serving over 7,500 properties across North America's hospitality industry by driving cost savings, revenue enhancement, and business insight. After 24 years in business without increasing prices, M3 touts a 95 percent customer retention rate. Used by over 1,000 management groups and owner-operators and hotels of all sizes, the platform works seamlessly with other key systems and tools in the hospitality industry and offers robust accounting and financial analysis across entire portfolios with optional operations and time management features. M3's professional services team provides on-demand support for hotels of any size by offering a full range of customized accounting solutions to scale with a hotel's needs. Privately held and employee-owned, M3 continues to enhance products and services at no additional charge to its customers. For more information, visit www.m3as.com.
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