Warnick & Company is a consulting, asset management, and investment banking company that specializes in the hospitality and recreational real estate industries.  In addition to providing the array of services offered by Warnick & Company, the new Chicago office will focus on assisting owners and managers improve cash flow performance, achieve process efficiencies, and increase asset value. 
 

Heading up the office is Scott Steilen, formerly with Ernst & Young's Hospitality Advisory Services Group in Chicago where he oversaw the consulting and advisory activities for the central region of the country and the Group's national efforts in the areas of lodging operational and process improvements. Steilen has also become a principal of Warnick & Company.  "The industry's current profit-squeezed environment provides an ideal time for inward reflection related to asset and company performance improvement," said Steilen.  "This is an endeavor, however, that must be undertaken on a consistent basis in order to maximize value."  The Chicago office already has several major projects underway, which range from large independent resort performance improvements to corporate strategy and process improvement for a company that owns a portfolio of offshore resorts.

Scott K. Steilen Prior to forming Warnick & Company, Chicago, Mr. Steilen was a Senior Manager and Central Region Practice Director for Ernst & Young's Hospitality Services Group. He served a key role in shaping and defining the strategy, direction and operating plan for the group. Mr. Steilen was one of the group's capital markets efforts and served as the National Service Director of E&Y's Operational Enhancement practice. Before Ernst & Young, Mr. Steilen was a Senior Associate with HVS International, a lodging advisory and valuation firm based in Mineola, NY. Mr. Steilen is a graduate of Michigan State University, with a degree from its School of Hospitality Business and an emphasis in finance. He has written numerous articles on various industry topics and is a frequent speaker at industry functions.

"We are truly excited to add Scott and a Chicago office to our team. Our focus in Chicago on optimizing operational performance and improving processes is both a natural extension of the firm's current activities and a timely offering given the pressure on the industry today," explained Richard Warnick, the firm's founder.  "It will also support the efforts in our other specialty areas of development services, management contract negotiation and asset management." 

"Today, everyone is seeking that extra advantage to improve profitability without impacting the customer experience," noted Steilen, adding that there are three keys to the Warnick & Company approach:  "First, move quickly toward an assessment of opportunities for both immediate and long-term improvements; second, identify and implement action plans designed to produce tangible results; and third, 'self-fund' the process through revenue enhancements and cost savings." 

The company is concentrating its efforts on resorts and larger full-service hotels where the value added can be quite significant. 

Scott Steilen and the Chicago office can be contacted at (847) 418-3818 or [email protected].