Jason and Kim Yang: From financial sector to the hotel industry

In 2023, Kim and Jason Yang ventured from the financial sector to the hotel industry, an industry that always attracted them but in which they had never been active before. A long-held dream came true when they bought Hotel Atlas in Amsterdam, followed by the acquisition of Hotel Wilhelmina. With fresh eyes and without the baggage of the establishment, they began their adventure.

Jason and Kim sit relaxed in Hotel Wilhelmina as Hotelvak joins them, just back from a five-week trip through the United States, Honduras and Mexico. For the first time in years, they were able to go on an extended holiday again. "I really missed travelling," Kim tells us enthusiastically. "As did the opportunity to spend longer time with our children. Still, work always comes along a bit. I try to find inspiration everywhere that I can apply in my hotels. If I see a beautiful lamp or a nice bed, I immediately wonder if that would also fit well in one of our hotels."

That the couple would one day run hotels together is perhaps not surprising if you know their story. "While studying, I was already working with people, at a bank or in the hospitality industry," Kim recalls. "That contact, that dynamic - I loved it." Their shared adventure began in 1998, when they met while studying Asian Trade Management in college. "I remember it well," Jason laughs. "Kim had purple hair and jumped up on the table to shout that I should join her project group; the spark caught on immediately then."

After their studies, they successfully attended additional courses at Erasmus University and completed an MBA, after which Jason and Kim started their careers in finance. Kim worked as a financial specialist at ABN AMRO until 2016 and later as operations director at The Food Spot. Jason chose a career in finance corporate finance and asset management. "I specifically did not want to work in the hospitality industry," Jason explains. "My parents ran a typical Chinese takeaway restaurant, which meant I never had a holiday off. So I started my career at PwC in Shanghai and ABN AMRO. However, I eventually chose entrepreneurship in a completely different sector: not hospitality, but finance and law. At Dutch Corporate Finance, I focus on corporate acquisitions, including hotels. At Bustelberg, I invest in listed companies on behalf of our clients, aiming to invest in quality companies with a favourable risk-return ratio."

When The Food Spot was sold, Kim decided it was time to pursue her dream: running her own hotel. "My wife is very ambitious," Jason says with a smile. "When we started talking about our future, it was soon clear that we wanted to do this together. I can use my expertise in this for the acquisition process and revenue management, while Kim focuses on the operational part. Both of us are of the project-based approach, Kim even more so than me, so we did extensive research first. Because of the atmosphere and occupancy, we were really looking for a hotel in Amsterdam." The next step was to find the right hotel, so Kim got on her bike every day to get to know the city and its hotels. "I came to the conclusion that a slightly smaller independent hotel would suit us best, because I had no experience in the industry yet and really wanted to do it myself. Soon I found my way to Oud-Zuid, Amsterdam's most beautiful and oldest neighbourhood. When I saw Hotel Atlas, I immediately fell in love with the beautiful monumental building in Art Nouveau style. 'This will be my hotel,' I resolved. Here mainly older couples stay who seek out the cultural side of Amsterdam; that also really appealed to me."

The acquisition of Hotel Atlas took place in January 2023, but it was preceded by a lot of work. "We had a lot of coffee with the previous owners to understand their vision and their operational approach," Jason explains. "We also did an extensive book review and looked at opportunities to improve the hotel. Atlas is attractive because of its monumental location on the park, close to Museumplein and Leidseplein. In the future, though, it will be necessary to modernise the rooms in a way that respects the Art Nouveau style of the building."

Shortly after taking over, Jason and Kim were already taking on a lot. Jason explains: "As 'outsiders', we sometimes dare to do things that others advise against us. Breakfast at Hotel Atlas was hardly ever used, because our guests go out quickly. So it was a much better idea financially to use the space for two new rooms. It was also more sustainable, because a lot of food was thrown away." So the couple embarked on a remodelling of the lobby, kitchen and breakfast room, and the hotel grew from 23 to 25 rooms. At the same time, the façade of the listed building was also in need of renovation. However, this took longer than expected, mainly because of Amsterdam's strict rules on monument conservation. "In hindsight, we did do a lot at once," Jason admits. "You learn from that. We had to improvise, and in hindsight we might have handled some things differently, but in the end it all worked out."

With the aim of improving Hotel Atlas operationally, Kim rotated through all functions, from reception to housekeeping. In this way, she discovered where processes could be tightened. "In banking, I worked with the four-eye principle and I introduced it in our hotels as well. Staff work in teams that keep each other on their toes." Digitising the reception area was another important step. "Most communication is now via e-mail. Guests let us know what time they are coming and are then expected and welcomed by us. If they arrive outside normal hours (between 9am and 7pm, ed.), guests can check in themselves. This is much appreciated as guests don't want to wait." In addition, all mattresses and bedding were replaced. Jason: "Essential, because we want our guests to enter a three-star hotel, but experience the comfort of a four-star hotel."

While work at Hotel Atlas was in full swing, Jason and Kim began the purchase process of Hotel Wilhelmina. "We were always looking for the scale of multiple hotels complementing each other, because they just attract different audiences," Jason explains. "This has many advantages, such as we can refer guests to the other hotel if we are full, and we use the same PMS system. Also, staff can pitch in at the other hotel at peak times." 

Hotel Wilhelmina, also located in Oud-Zuid and within walking distance of Atlas, mainly attracts business travellers and expats. "Here, our guests benefit from the same good location, with a tram stop in front of the door that passes all the highlights of Amsterdam. However, much needs to be done. For 40 years, Hotel Wilhelmina belonged to a couple who had no succession themselves and fortunately believed in our long-term vision." 

Digitisation was the first, much-needed innovation for Hotel Wilhelmina, which was still working with a paper ledger. For the remaining modernisations, Jason and Kim are taking their time, to run the hotel in an increasingly data-driven way. "The trick is to make technological developments work to your advantage without losing sight of hospitality," Jason says. "We also want to move towards a more businesslike design in the future, with a workstation in the rooms and good wifi. We also want to create a workspace in the general area where you can video call quietly. We are going to take a slightly quieter approach to this than at our first hotel." Kim adds: "We learned this at Hotel Atlas, but also at our own house. Sometimes you need to spend some time in the garden first, so you know what the nicest spot in the sun is, before you start renovating."

There are still some significant branding and marketing changes planned for both hotels. "We have taken the existing Atlas website and updated it," Jason explains, "but there will eventually be two new websites with much better domain names, especially for Hotel Wilhelmina. Atlas will also get a new logo. Although many bookings come in via OTAs, the website and logo are still your business card; they have to be right. I am also dealing with room occupancy, revenue management and price dynamics."

The hotel industry can expect a lot from Kim and Jason Yang in the coming years, as the couple continues to look for new expansion opportunities. However, Jason stresses the importance of a healthy work-life balance. "During the acquisition process, Kim worked a lot at the hotel. We want to keep that direct involvement with our hotels, but are now at a tipping point where we focus more on working on the company than ín the company. Then there will be more time for sports again and Kim can free up Wednesdays for the children. My work is slightly more flexible, allowing me to be present at important events for my children; I compensate for this in the evenings or weekends. As an entrepreneur, you are always busy." During their journey, Jason saw a quote that fits nicely with his vision of entrepreneurship. "Somewhere I read: 'Doing what you like is freedom, liking what you do is happiness.' Entrepreneurship is great, but you have to be careful not to overshoot in this and keep making time for important things, like time with your children."

Kim: "That the staff stand out positively. If they enjoy their work, this radiates to our guests and they receive a warm welcome. This is very important to us. We also like to read good feedback on the fact that our housekeepers clean more efficiently and better, regularly getting rooms ready earlier."

Jason: "I think both. We want to connect with the hotel experience people are looking for, whether it's traditional or modern."

Jason: "Events and professional literature keep us abreast of the latest developments. However, you often learn the most by talking to lots of people. Especially with staff, because they are operationally involved, while this is not always the case with owners. Never stop learning!"

Kim: "The hotel sector is much less formal and business-like than the industry we come from. Here I can really be myself in a dynamic environment full of surprises. Every day is different and I love that."

Kim: "During our trip across America, I paid attention to the location and how reviews talked about the hotel." Jason: "I also paid attention to the customer-journey process from booking, check-in to check-out. As we ourselves find it important to check-in smoothly, we pay a lot of attention to this in our hotels. We make sure the keycard is already ready and that we know who is coming. If it is possible to check in earlier, we let our guests know. During our holiday, a hotel also asked in between how we liked our stay, which I found very positive."

Jason: "I try to exercise three times a week, especially high-intensity interval training or boxing boxing to clear my head. I also like to read and make slow-cooked dishes on my Green Egg. Sometimes I skip a bit and the whole fridge is full!"

Kim: "Sure, we did that in the acquisition process, but every now and then we still do. This helps to look at your hotel with fresh eyes. It's also good to experience the difference between different rooms. Our staff also get to stay overnight and we take their feedback on their experience very seriously too."

Kim: "I would like to live in San Francisco and so open a hotel there." Jason: "For me anyway, it would be in Asia, probably Shanghai."

Jason: "I attend a lot of events and conferences, and always attend the Horwath HTL Hotel Event. But I am curious about the Hotel Summit event, as I have not attended it before.