CHMW was engaged in late 2014 to provide asset management/investment advisory services to the W Washington D.C., at which time the hotel was challenged with low guest satisfaction and sub-optimal performance. CHMW immediately put in place a strong management team and developed a strategic plan for improving performance and enhancing asset value.
Identified and replaced key executive committee roles (General Manager, Director of Finance, Director of Rooms, Director of B&F) in the first half of 2015.
Operational Asset Management
Implemented beverage inventory system to control beverage cost in 2016
Renegotiated working capital minimum with Starwood hotels to increase distribution to owner
Between the end of 2014 (CHMW take over) and YE 2015, we achieved the following improvement to the financial performance of the hotel:
Increased RevPAR by 11%, and increased RevPAR index from 107 to 115
Increased Food and Beverage revenue by 17% and increased F&B profit by 80%
Increased GOP margin by 4 percentage points
Increased NOI after Replacement Reserves by 63%
Increased guest loyalty score by 6% and TripAdvisor rank by 42 positions out of 140 hotels in DC as of YTD April 2016
Capital Planning & Oversight
Developed and in the process of executing a Capital Plan for a $7.7M renovation in 2016 to better position the hotel in light of new competition and supply