Having both operating and ownership experience in the hotel industry, we know how a hotel should be operated to generate repeat business and produce bottom-line profit. We have strategized and implemented re-positionings, management changes, capital projects, and dispositions. Our expertise allows us to develop strategies that optimize guest service, employee satisfaction, product quality, revenues, profitability and owner satisfaction. We have experience both with direct authority as an owner and as a consultant where a more diplomatic “counselor” role is optimal. We also know how to take direct control of a hotel and quickly institute strong controls.
Assessment of a property’s position in it's competitive market and its’ physical strengths and weaknesses including:
- Initial impression upon arrival
- Building condition
- Facility attributes
- Exterior and interior appearance
- Quality of maintenance
- Brand positioning & competitiveness
- Rate positioning
- Customer service
Preparing a hotel for sale should begin with an assessment of its brand, management, positioning, and condition. We have handled the disposition of in excess of 30 hotels. Often minor adjustments can enhance marketability and value. Occasionally it makes sense to delay a sale to implement more extensive adjustments which can have substantial impact on marketability and market value.
Assessment of management performance, guest services, personnel, sales & marketing, accounting controls, operating efficiencies, and financing structure
- Identification of opportunities for improvement in the aforementioned areas
- Development of a strategic plan
- Oversight in the implementation of the plan
- Formulation of initial or rehabilitation construction cost projections
- Recommendation of optimal structure for general contractor agreements
- Solicitation and evaluation of general contractors through competitive bidding
- Negotiation of general contractor contract terms
- Supervision of final Guaranteed Maximum Price (GMP) amount
- Program Management (owner representation) during construction
- Supervision of final “punch list” and property turnover
Ongoing Owner Representation
Monitor performance: from daily review for a troubled property to a monthly review for owners preferring a third party handle direct oversight of a well-run operation.
- Periodic reporting to owner from weekly to quarterly generally commensurate with the frequency of management performance review.
- Hiring, training and dismissal of key staff and oversight of same by management staff.
- OSHA and HR compliance oversight.
- Accounting and controls oversight