Asset Management

A property's performance is only as good as the on-property manager and the systems/monitoring that is in place.  Understanding and diagnosing the issues and providing answers as a result of the complexities of the numerous operating businesses in a hotel in today's world is daunting.  As an experienced operations executive with over 15 years of hands on hotel operations experience including multi-property responsibilities and a extensive experience in acquiring hotels/ROI analysis of invested capital, awards for excellence in operations Chuck Tomb and IHA are ready to assist you in maximizing results.   Let IHA be your guide in working through the difficult questions and answers understanding that..."What gets measured, gets done." 
  • How well do you know the property manager and what happens on a day to day basis - even if you do have a high level of trust, who is asking the challenging questions that can enhance performance, improve guest service, work through issues with the manager on the property, maximize all opportunities and keep the property from becoming myopic? 
  • Is the property manager or regional manager of the management company reviewing all of the ways to enhance the property's business in all areas, control expenses, manage the guest experience locally as well as on all web channels? 
  • Is yours a "brand managed" property and if so, is the management working for you and optimizing performance for ownership or for the long term interest of the brand? 
  • Should your property opt-in or opt-out of brand programs and "mandates" that can cost or save the property money this year and for years to come?  Which programs provide a measurable benefit to the property?
  • Are your revenue management procedures being followed properly and are they up to date?  Is your website fully up to date and is it positioned well against the competitive set for the business that the hotel is doing today, tomorrow and the coming weeks and months?
  • How are you interfaced with all OTAs?  Are you optimized to bring business at the most competitive rates?  How are your property photos and description showing? 
  • Can brand requested capital expenditures be negotiated down or delayed in order to minimize ownerships additional capital outlay and maintain reserves? 
At IHA we ask these and many more questions in our exploration of doing things better today and tomorrow than they were done yesterday but not throwing aside the successes of yesterday's plan.  We initially offer to take a "deep dive" into the operation to understand where it has been, what are it's strengths and weaknesses, it's position vs. the competition and many more items that focus us on making an immediate start at making an impact.  The areas IHA focus' on in our asset management are as follows:
  • Operations oversight/value enhancement - oversee and act as owners representative/fiduciary with property's management company to achieve enhanced operating results leading to increased property values;
  • Evaluate the management company to assure they are responsive, are giving the property their best efforts and are suited properly for the task at hand with bench strength of experienced personnel - if not an appropriate fit, make recommendations for change and if approved, execute while insuring the integrity of the operation;
  • Insure all cost, inventory and management controls are in place
  • Review, audit and monitor sales activities and the increasingly complex web channel/web distribution sites and each hotels handling of those channels to it's greatest benefit;
  • Review and engage rooms revenue management strategies and provide ongoing evaluation and guidance on process;
  • Food and Beverage sales, product and cost controls & payroll management.
  • Safety and Security of the property;
  • Human Resource Management;
  • Monitor plan performance vs. budget;
  • Supervise and manage approval of annual business plans;
  • Short and Long term Capital Planning and execution;
  • Management Contract Administration;
  • Manage Brand Franchise agreements, existing and to-be-negotiated - work with the brands in challenging an environment that can be one sided and prone to unchallenged or unrealistic contract negotiations with brands that consistently move the amenity and FF&E needle higher.
Our goal is to maximize the advantages of the hotel assets under management, work with the proper management company in doing so and engage in making the right recommendations while keeping the owner informed on the good results and challenging issues as they arise.  Proactive asset management - "managing the manager" to assure all aspects of the hotel are being reviewed, revenue and product enhanced, controlled and that management is focused on results is the mainstay of our business.  IHA looks forward to assisting you with your hotel assets. 

Operations and Portfolio Experience includes:
  • Hyatt Hotels - Hyatt Regency Atlanta, Hyatt Oakbrook (IL), Hyatt Regency Phoenix, Hyatt Regency Houston, Hyatt Wilshire (LA)
  • Oversight of 26 Holiday Inns in Pennsylvania, New York and Maryland
  • Turn-around General Manager of the Year Award (Apex Award) - Holiday Inns - Holiday Inn Minneapolis Downtown - 325 rooms, full service hotel, 16,000 sf of meeting space
  • Top Marketing Plan award - Chicago District Holiday Inns
  • General Manager 225 room hotel - Nashville, TN
  • General Manager 200 room hotel - Chicago/Elgin, IL
  • Resident Manager 620 room resort with 18 holes of golf and over 40,000sf of meeting space - McAfee, NJ