Cleveland,
OH - February 6, 2009 � Hotel & Leisure Advisors (H&LA) announced
today that it is adding asset management and distressed property services
to its list of hospitality consulting services. With these services, H&LA
will help owners, lenders, attorneys, and managers of hotels, resorts,
and indoor waterpark resorts respond effectively to the economic challenges
now facing the lodging industry. David J. Sangree, MAI, CPA, ISHC, and
the experienced staff of H&LA will conduct operational analysis and
ongoing asset management on behalf of owners, management, lenders, and
franchisors. They will provide litigation support and valuation services,
act as a receiver, and provide physical condition assessments.
Asset Management Services
For properties that are reevaluating their business
model in response to difficult economic times, H&LA offers various
services including:
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Operational Analysis Services: H&LA offers
comprehensive market research and analysis of operations, marketing, accounting,
and existing contracts. We analyze areas where the hotel is performing
well and areas that are in need of improvements. Our report considers both
objective and subjective performance characteristics through our inspection
of the property and the completion of various interviews. We perform a
financial review comparing the subject�s financial performance with industry
standards and our database of over 1,000 financial statements of hotels.
The study can be combined with a Physical Condition Assessment to analyze
the physical condition and maintenance status of the buildings and property,
and make recommendations for renovations and repairs.
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Ongoing Asset Management: H&LA works with
the hotel management company, franchisor, and the owner to optimize the
value of the hotel, resort, or indoor waterpark resort through the development
of a customized asset management plan. In developing the plan, H&LA
will complete the following:
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Periodic site visits: As part of an
ongoing asset management contract, H&LA makes periodic inspections
and meets with management, owners and other concerned parties to discuss
current performance and recommendations for the future.
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Monthly Reports: Consultants continually examine
and benchmark existing performance and strategic marketing efforts.
They identify opportunities for continued improvement in performance and
communicate their findings through monthly reports and engaged web-based
communications.
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Compliance Reviews: H&LA reviews contracts
with franchisors, suppliers, and other outside servicers to ensure compliance.
H&LA also provides compliance analysis of loan documents, management
agreements, equipment leases, franchise brand product improvement plans
(PIP), and franchise agreements.
Distressed Property Services
For lenders, attorneys, owners, brokers, and others
analyzing distressed properties, H&LA offers the following suite of
services:
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Litigation Support Services: Consultants provide
expert witness testimony and deposition consulting regarding valuation,
financial performance, operations, strategic marketing, and accounting
methodologies.
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Receivership Services: As a court appointed
trustee, H&LA acts as a receiver, controls cash flow and protects the
operational integrity of the asset. The physical integrity of the property
is protected through capital expenditure analysis and various asset management
strategies. H&LA assists in determining the appropriate course of action
for the property, including liquidation and disposition activities if required.
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Valuation Services: H&LA conducts distressed
property valuations through MAI appraisals. These appraisals provide thorough
market analysis and value conclusions on an �as-is value,� �liquidation
value,� and �as-stabilized value� basis. H&LA�s valuation services
are used for loan defaults, bankruptcies, refinancing, and other valuation
issues.
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Physical Condition Assessment (PCA): Led by
Eric B. Hansen, AIA, ISHC, a 15-year hospitality industry architect and
consultant, H&LA assesses and reports on the general physical condition
and maintenance status of the buildings and property -including furniture,
fixtures and equipment � compared to the competitive set of properties
and franchise standards. H&LA reviews capital budgets and compares
them to industry standards. H&LA makes recommendations on the type
and cost of renovations necessary to stabilize or bring the property up
to industry standards.
H&LA president, David J. Sangree, MAI, CPA, ISHC
commented on the new services:
H&LA�s asset management services are a natural
extension of the core feasibility, appraisal and consulting business that
Hotel & Leisure Advisors already brings to the industry. These services
will allow our clients to stabilize and correctly position their lodging
and waterpark resort properties within their competitive markets during
these difficult economic times.
About Hotel & Leisure Advisors
Hotel & Leisure Advisors is a national hospitality
consulting firm specializing in appraisals, market feasibility studies,
asset management services, project development analyses, impact analyses,
economic impact studies, and litigation support, for hotels, resorts, waterparks,
conference and convention centers, golf courses, ski resorts, and other
leisure real estate. |