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Value-Added Hotel Repositioning
- 262 room upscale airport hotel owned by a public facility
corporation, whose parent entity is a municipal corporation. The
hotel opened in early 2001 after undergoing an extensive $38
million renovation of a former U.S. Air Force Command Station.
- Management disruption and ineffective sales practices burdened the hotel during its initial 24 months of operation. Hotel not
performing to the expectations of the owner and bondholder
group.
- BMC assumed management in January 2004.
- Key Strategies Implemented by BMC:
- Rebuilding the property’s leadership team and stabilizing the workforce
- Instituting an aggressive sales effort
- Revenue and yield management
- Internal controls and SOP’s
- Hotel operating performance experienced a dramatic improvement over the last 3 years. GOP increased 143% from 2003-2006.
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Doubletree Portfolio
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In July of 2003, BMC commences a simultaneous takeover of six (6) Doubletree
hotels representing 2,175 rooms.
- Portfolio was owned by a public REIT
- Geographically diverse portfolio –
- Portland, OR
- Boise, ID
- Sacramento, CA
- Colorado Springs, CO
- Omaha, NE
- BMC’s long-standing relationship with Hilton and knowledge of Hilton systems, operating practices and procedures made this a seamless and non-disruptive transition, completed within 60 days.
- Portfolio Performance: RevPar and GOP increased 8.3% and 10.7% over a two year period. These gains were achieved despite the properties being in need of extensive renovation. Portfolio was sold in late 2006 to a private buyer.
Results for five (5) hotels as one hotel was sold shortly after takeover.
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Pink Shell Resort & Spa
- Pink Shell Resort & Spa is a destination condominium resort located at
the tip of Estero Island, between the Gulf of Mexico and Estero Bay in
Ft. Myers, Florida.
- As the premier family-friendly resort in Southwest Florida, the resort offers 225 gulf-front accommodations (studios to two-bedroom suites), Aquagene Spa, full-service dining, a themed pool, and other recreational amenities.
- BMC has been involved in all facets of the resort’s
transformation which included the development of two luxury condominium
buildings, a full service spa and extensive renovation and redesign of
the public areas.
- The resort operates under a condominium hotel structure with an on-site
rental program and multiple HOA’s all managed by BMC.
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Branded Oceanfront Condominium Resort
- 166 unit luxury ocean-front, branded condominium resort located in Sunny Isles, FL. Suites range from 400 SF to 1,898 SF. Facilities include a full-service restaurant/ lounge, 12,000 SF of indoor/outdoor meeting and function space, zero-entry outdoor pool, and spa/fitness center.
- Resort operates under a condominium structure with an on-site rental program.
- Existing situation prior to BMC’s assuming management of the resort:
- 50% owner participation in rental program
- RevPAR Index: 67%
- Operating deficits to hotel parcel owner
- Growing number of unhappy unit owners
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BMC assumed management on January 14, 2002. Action plans are developed and implemented around a number of core strategies:
- Technical: Instituting a revenue management program focused on maximizing RevPAR and RevPOR; redirecting the sales effort, cost control and rebuilding the management team
- Reporting: Implementing comprehensive monthly/quarterly/ annual reporting to ownership and standardizing quarterly reporting for unit owners
- Effective Communications: Instituting a unit owner’s relations program and “Building Bridges” within the local community
- Resort GOP has increased (745%) from 2001-2006.
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