You don't necessarily have to achieve five-star status, but you can raise the level of expectation from guests. Analyze the property's overall service standards and guide them upward with five-star aspirations. Ensure compliance with constant monitoring. The rewards are rich.

The crowning feature of the newly redeveloped Knickerbocker Hotel in New York City is St. Cloud, a bar and event space that sits atop the 330-room property, providing a glorious and unique view of the cityscape. The staff numbers just over 20 for a capacity crowd, and expected-guest totals for private functions allow management to keep labor costs exact and low. Buyouts result in greater profits and fewer risks.