2010 – 2014
In early 2010, CHMW was retained by a national real estate management/special servicing company to serve as hotel receiver of the Marriott Solana. As hotel receiver, CHMW was responsible for stabilizing the asset, reducing financial distress and mitigating risk during the transition period, reporting to both the client and court. CHMW was responsible for overseeing operations, reporting on financial performance and assisting in the property take-over and transition, clearly outlining goals and expectations and establishing standard communications protocol and reporting requirements with the property operating team. Once stabilized, CHMW assumed a more traditional asset management role and worked with the property team to implement strategies to enhance asset value and posture for sale.
Implemented targeted revenue management and sales strategies. Increased group business, minimizing reliance on lower-rated crew business, enhancing profit per occupied room by 16% over the same time last year (YTD June 2013).
Operational Asset Management
- Drove higher banquet revenue contribution and identified savings in the F&B department, resulting in increased profitability improving margins from 28% to 36% year-over-year (as of YTD June 2013).
- Increased ADR by 9%, outpacing market growth of 6% (YTD June 2013); Improved RevPAR positioning from #3 to #2 in the market, driven by rate.
- Increased total revenues by 16% and GOP by 33% over the same time last year (YTD June 2013).
- Improved flow (NOI) by 14% over prior year due to sales and strategic pricing strategies, increased F&B revenue and property-wide cost containment initiatives.
Capital Planning & Oversight
- Reduced need for supplemental owner funding through improved management of capital expenditure requests.
- Developed an investment analysis in support of a renovation plan and initiated the planning process to include scope, budget and selection of design team. This capital plan was ultimately presented as part of the sales package to prospective buyers.
- CHMW provided transaction services which resulted in a sale in 2014, which allowed our client to recover maximum value.