2006 – Present
CHMW was initially retained by the City of Baltimore in an advisory capacity during the pre-development to assist with the negotiation of key contracts, including the hotel operating, room block and technical services agreements. CHMW was ultimately selected following an RFP process to provide on-going advisory and asset management during the pre-opening period. CHMW worked collaboratively with Hilton on sales and marketing efforts, establishing systems and reporting protocol, advised on the selection of key staff, monitored construction/brand standards and ensured overall compliance with the hotel operating agreement. The Hilton opened on time, on budget in August 2008. Once opened, CHMW assumed an active operational asset management role, representing the Baltimore Development Corporation (BDC) and worked closely with property management to achieve a successful ramp-up and market positioning, despite challenging economic conditions. CHMW has been involved with the Hilton Baltimore project since 2006 and was recently awarded a three-year contract extension based on our successful track record.
Developed and implemented a group sales booking tool, ultimately adopted by the property to monitor booking pace, benchmark to financial targets and aid in future group rate positioning.
Operational Asset Management
- Developed strategies for driving sales and reducing expenses in banquets and in the outlets, resulting in a significantly improved F&B departmental profit margin of 45%, operating above the industry average for convention hotels.
- In 2014, CHMW assumed asset management of the parking garage operation, formerly overseen by the BDC.
- Increased NOI by $6.5 million or 50% from the first full-year of operation to year-end 2014.
- Through effectively managing the bond indenture waterfall, CHMW successfully mitigated a forecasted cash call of $1.7M. As a result of early intervention, we were able to reverse the impact, and actually return funds of $70k to the City.
Capital Planning & Oversight
Actively planning first major hotel renovation since opening. Close monitoring of spending and challenging the property and brand on proposed expenditures to date has resulted in notable savings (e.g. realized $150K savings by challenging a Hilton proposed technology project).