2005 – 2010
This portfolio included a collection of upscale/luxury resort-oriented properties, acquired through a partnership between a private equity client and Kyo-ya Company in December 2004. CHMW was retained to develop and implement an investment strategy, including significant re/development and repositioning opportunities, while also providing operational asset management of the individual properties in the portfolio. CHMW was involved from 2005 to 2010. The properties in the portfolio included:
- Sheraton Waikiki – Honolulu, HI (1,695 Rooms)
- Sheraton Princess Kaiulani – Honolulu, HI (1,152 Rooms)
- Moana Surfrider, A Westin Resort & Spa – Honolulu, HI (793 Rooms)
- Hyatt Grand Cypress – Orlando, FL (750 Rooms)
- Palace Hotel – San Francisco, CA (553 Rooms)
- Royal Hawaiian – Honolulu, HI (528 Rooms)
- Sheraton Maui – Maui, HI (510 Rooms)
- Grand Cypress Resort – Orlando (146 Rooms)
CHMW worked closely with the management team to collaboratively develop and execute an investment strategy for each of the hotels within the portfolio, creating significant value through a combination of operational enhancements, and significant capital and repositioning efforts. Key results include:
Operational Asset Management
- Maximizing performance through implementation of high-impact operational initiatives through active engagement with management, leading monthly reviews. Increased portfolio GOP by $16M or 11% between 2004 and 2008, prior to embarking on a $116M master planned re-development.
- Renegotiated the management agreement for Starwood properties, with significant savings and enhanced ownership protection.
- Evaluated and assisted on the execution of two portfolio refinacings, allowing Ownerships to pull out their initial invested equity.
Capital Planning & Oversight
Analyzed opportunities to expand and/or redevelop portions of several of the properties to include a variety of alternative uses, such as timeshare, fractional and whole ownership residences, as well as valued opportunities to renovate, re-brand, and expand retail and food and beverage offerings. Advised on the execution of the portfolio master plan totaling approximately $116M.