How Does Your Hospitality Asset Measure up?
CRITICAL QUESTIONS FOR HOTEL & RESORT OWNERS
How Does Your Hospitality Asset Measure up?
How does your hospitality asset measure up?
What steps have you put in place to ensure that your hotel management team is always performing with your best interest in mind?
We believe it is critical to clearly communicate ownership’s short- and long-term plans for the asset through an established investment thesis that everyone, including ownership, management and our Owner Representatives, is working to execute.
What assurances have been put in place, typically through the management agreement with the operator (HMAs), to allow you to influence performance?
Given our experience in negotiating dozens of management agreements, with both brand and third-party managers, our Owner Representation veterans will ensure that your rights as owner take priority over the operating desires of a manager working at your behest.
Is your manager taking proactive steps to maximize your hotel’s revenue potential?
Our Owner Representation team, as a key focus of our efforts would:
- Confirm that your property’s competitive hotel set is properly aligned to include truly comparable hotels.
- Review your customer acquisition costs to ensure that they are aligned with your Sales Department’s strategy.
- Work with your operations team to establish a clear rate and occupancy strategy to drive maximum revenues.
- Identify untapped revenue opportunities using the hotel’s ancillary amenities and spaces.
- Work with your management team to target and drive corporate and group accounts from your competitor to your hotel.
- Establish a clear process to ensure booking decisions are made based on total guest spend and profitability and not solely on revenue.
Does your manager have a defined plan in place to maximize your hotel’s bottom-line profits?
As part of our ongoing Owner Representation activities, our team would:
- Work with the hotel’s staff to analyze existing and potential business to ensure that every booking decision is aimed at driving the highest possible profit margins without negatively impacting the quality of service.
- Track labor management and productivity and take action to correct operating inefficiencies.
- Examine the benefits and the costs of outsourcing labor in areas such as Housekeeping, Laundry and other operating departments.
- Ensure that a process is in place to competitively bid service and vendor contracts.
- Work with the food and beverage team to frequently review menu item costs and offering prices.
- Establish processes to determine how managers are dynamically adjusting expense loads as your hotel experiences changes in business volumes.
- Complete an energy audit to determine potential savings in areas such as guest rooms, kitchens, central plant and laundry.
Does your manager have established plans in place to maximize cashflow?
Our staff works with the property’s operations team to:
- Make sure that they are producing a monthly statement of cash and a cash forecast for future months.
- Ensure that management is taking a proactive approach to collecting on Accounts Receivable in a timely manner while also minimizing write-offs.
- Verify that the hotel’s financial staff is properly managing Accounts Payable in a fashion that maximizes cashflow for ownership.
- Validate that inventory levels are being managed in a manner that fully maximizes cashflow.
- Engage the services of an experienced third-party consultant to appeal your hotel’s real estate taxes.
What specific steps is your manager taking to actively protect your asset?
As a key component of our Owner Representation services, enhancing or extending the life and value of the asset are a key focus. We would:
- Bolster any existing preventative maintenance plans.
- Ensure that your manager has an effective risk management and disaster recovery plan in place to deal with emergencies such as ruptured pipes, guest emergencies, and major catastrophes like tornadoes and hurricanes.
- Coordinate the administration of warranties on key property operating components such as mechanical systems, elevators, pumps, kitchen and laundry equipment, etc.
- Establish a written plan that aligns decisions being made by management to your investment goals, be they for short-term or for a longer ownership horizon.
- Continually update a capital expenditure plan that focuses on asset preservation and profit enhancement.
Our Owner Representation Team
Meet our seasoned hotel owner representation and asset management experts. With over thirty years of experience, this respected team of hospitality industry veterans provides trusted oversight services to hotel and resort owners and investors.
Miami, Florida | Industry Tenure: 31 Years
Tony Haddad has been active in the hospitality finance arena for the past three decades. Tony brings to the table years spent in hotel operations working as Director of Finance and as a regional executive responsible for a portfolio of hotels for Marriott International. Tony has extensive experience in domestic and international hotels in the Caribbean, Mexico and Central and South America.
After leaving Marriott, Tony formed his own asset management and consulting firm, Thames Associates, LLC.
In 2013, he became part of The Plasencia Group’s team. He holds a B.B.A. degree from the McCombs School of Business at The University of Texas at Austin. A dedicated cyclist, he kicks off each workday with a group bike ride through suburban Broward County and also enjoys riding his motorcycle on the weekends.
“You’re dealing with an industry that caters to happy people on vacation. It’s multifaceted and always changing. There’s creativity and design. You walk into something new, you learn about it, you opine about it and then move onto the next one.”
Dallas, Texas | Industry Tenure: 40 Years
Michelle Hayes has worked in virtually every facet of hotel operations throughout her nearly four decades in the lodging industry. She joined the firm after a successful career with FelCor Lodging Trust, one of the nation’s largest hotel real estate investment trusts. As Vice President of Asset Management at FelCor, Hayes was responsible for overseeing a portion of the company’s portfolio of Doubletree, Embassy Suites, Hilton, Marriott and Sheraton hotels as well as independent hotels. Michelle also has extensive multi-faceted resort experience in South Carolina and Florida specifically.
Prior to her joining FelCor, Ms. Hayes was a general manager for Starwood Hotels and Resorts managing numerous hotels for 15 years. These hotels included Sheraton Suites Alexandria and the Sheraton Gateway hotel in Atlanta, Georgia, in addition to the Sheraton Wardman Park in Washington DC. During her tenure with Sheraton, she was the recipient of the company’s President’s Award and Employee Satisfaction Award. In addition, Ms. Hayes was a member of Sheraton Corporation’s Chairman’s Club and Marketing Board of Directors.
Ms. Hayes received a master’s degree in management and finance and a bachelor’s degree from Murray State University in Murray, Kentucky. She also has received the designation of Certified Hotel Administrator (CHA) from The Educational Institute. Michelle has since completed the Cornell Business School Certification for Real Estate and Asset Management.
“The hotel business is really a simple business in many ways, although we often try to complicate it unnecessarily. Financial acuity is certainly critical, but focusing on people with compassion and empathy will always create value in the end”
Tampa, Florida | Industry Tenure: 40 Years
Gary Isenberg joined The Plasencia Group in the summer of 2022 with more than 35 years of diversified hospitality real estate experience in hotel management, development, finance, and asset management. Over his extensive career in hospitality real estate, Gary has overseen more than $15 billion of hotel investments, spanning all major brands, all chain-scales and hotel asset classes, and a wide variety of independent and boutique hotel properties.
Gary received a Bachelor of Science in Business Management with minors in Corporate Finance and Information Systems from Fairleigh Dickinson University. Thereafter, he accepted a position with ITT Sheraton as a corporate trainee. During his tenure, he rapidly earned increasingly responsible positions through mergers and acquisitions at both the corporate and property level.
Gary subsequently was recruited to join Field Hotel Associates (FHA), a privately-held hotel development, ownership and management company, as General Manager of its flagship property. Soon, he was promoted to Executive Vice President of Hotel Operations, then to Chief Operating Officer. During his tenure at FHA, Gary led the development and opening of hotels, spearheaded several reorganizations, repositioning and recapitalizations, as well as numerous revenue-generating and cost-cutting initiatives.
In 2011, Gary joined forces with LWHA and launched the firm’s asset management division, responsible for developing and growing asset management clientele. Gary grew the platform to over 50 hotel properties under management nationwide, along with the widespread execution of advisory services.