Why would a hotel owner need an asset manager? Some of our clients own a hotel with a strong general manager who reports directly to ownership. Virtually no general manager understands digital marketing, revenue management, engineering, housekeeping, front office operations, food and beverage, sales, and perhaps most importantly, the budgeting and financial management required to be financially successful and the safety and security knowledge needed. Further, they likely do not have the contacts to hire everyone needed or the human resources and legal requirements of operating in your state.
A thorough review of your needs is at the core of our successful asset management process. We meticulously examine historical financial information, the annual budget, and a business/marketing plan, all with your best interests in mind, to provide you with a comprehensive service.
We utilize a proprietary assessment of the market and competition, carefully review the management agreement, and regularly conduct meetings with property team members to understand focus and direction, and issues at the property level
We typically provide a monthly summary report for ownership. Our reporting includes:
Monthly Reporting
- Monthly review and analysis of hotel operations and financial statements, budget and capital
improvement reviews(s) - Sales and marketing evaluations
- Reviewing unbudgeted expense requests
- Reviewing third party contracts, leases, and concession agreements
Annual Reporting
- Annual business plan preparation custom-made to the owner’s needs, including historical
performance, forecasts, capital expenditures, budgets, market summary, capital account
summary, and return analysis
Contact us to learn more about Asset Management for your property or portfolio.