MONITOR THE FINANCIAL PERFORMANCE
- Review of the current performance of the hotel in comparison with the budget and with the previous year.
- Supervise the budget approval process.
- Monitor forecasting, balance sheet and on-the-books businesses.
- Ensure the right balance of day-to day monitoring and strategic investment advisory.
CAPITAL EXPENDITURE
- Establish rules on CapEX Process and Projects approval (e.g. obtain multiple bids)
- Ensure the right balance between R & M versus CapEx
- Monitor budgeting for CapEx and long term planning.
- Provide ROI analysis
- Guarantee full transparency for the owner.
REVENUE MANAGEMENT
- Unlock access to multi-dimensional internal and benchmark data.
- Control over rate setting and internet marketing/distribution/social media.
- Strategic planning, tight supervision of sales and marketing, analysis of market trends, market positioning
- Secure full control of the PACE, forecasting and budgeting, room type utilization, flow-through by segment, complimentary room nigh report, ge- stats…
- Control of channel submission, and reservation cost per channel and other hidden costs.
- Keep track of the hotel’s sales and marketing targets and supervise the activities.
OPERATION REVIEWS
- Confirm that the owner’s interest has a direct influence on property level operating decisions.
- Supervise the effectiveness of attracting revenues and cost control.
- Ensure that the on-going projects are moving along at the property level.
- Review of external and internal client and staff satisfaction surveys
- Evaluate key personnel and request hotel corporate support when necessary (e.g. replacing staff, training, S&M initiatives…).
- Monitor stock level.
- Certify that the asset is well looked after.
ADVICE OWNERSHIP ON INVESTMENT STRATEGIES
- Optimization of hotel investment strategies, high and best use.
- Annual comparison with the initial investment goals.
- Modeling discounted cash flow analysis, valuations and hold/sale analyses.
- Value alternative strategies, such as additional investments or expansion.
ADVICE OWNERSHIP ON MANAGEMENT ISSUES
- Continuous performance supervision and contractual compliance.
- Establish communication channels between all stakeholders (e.g. owner, operator, executive team, employees, communities).
- Transparency: good news or bad news, the owner needs to be informed.
MONITOR INVESTMENT COMMUNITY
- Benchmark study in relation to comparable properties