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HOSPITALITY EXPERTISE
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1. Hotel
managers/management companies have different goals and objectives than the
hotel owner. This is especially true with branded operators whose allegiance
is first to the brand. QUAY bridges these differences to align goals and
objectives.
2. Hotel operators are, for the most part, focused on the Gross Operating Profit (GOP). A good asset manager is focused on the hotel as a business and the complete alignment of the owner’s objectives with the hotel. 3. "Best Practices" is a key element in hotel operations. Rarely can a management company or a hotel owner match the broader perspective and knowledge base of a good asset manager. |
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4. Second opinions are valuable. This is especially true in hiring a hotel's "executive team".
The assessment of key individuals is critical and needs to go beyond the
management company’s or brand’s internal planning. QUAY's experience and
ability to source honest references makes the second opinion critical.
5. Improving performance is a challenge in every business. Providing balanced guidance/pressure to improve is a primary measure of an asset manager’s ability. QUAY has found that operators almost always respond favorably to those that have "walked the walk", especially when "constructive criticism" is presented thoughtfully after actually listening. 6. Every hotel is unique in some respects. Even the best "standard operating procedures" do not fit every location. Knowing this, QUAY ensures that operators also think and act creatively when SOP won't work. |
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Because of their deep backgrounds and experience, QUAY team members can handle the myriad details involved in selecting a franchise, thus relieving the investor of much of the work involved in these transactions. We meet with the client to understand and clarify the end goal, including long-term plans for the asset, then lay out the critical path that will govern the process. After discovering which franchises and soft brands are available for a location, we present the owner with the ”pros and cons” of each franchise/brand and include our recommendation. Upon selection of a franchise or soft brand, we negotiate the terms of the agreement including fees, protected area, termination rights, PIP, etc., to ensure compatibility with the long-term goals of the owner. Once that is done, we will work with owner’s counsel to conclude negotiations. |
QUAY represents owners in the strategic planning and oversite of new developments, renovations/conversions/PIP's | |
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Some of the services involved include:
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| Projected hotel investments are dependent on good underwriting. Hotel investors can rely on Quay to provide guidance and recommendations for new developments and acquisitions. Independent investment analysis, research, and due diligence are core services offered by QUAY’s experienced team. Potential investors are encouraged to involve asset managers at the commencement of any due diligence process for assistance in the areas of: |
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Operating a hotel in today's environment is both art and science. Given the individuality of each hotel and the choice of some 300 hotel management companies in North America, the choice of an operator is critical to the success of the hotel. QUAY has over thirty years’ experience in this area and can assist an owner in this decision.
After coming up with a strategic list of finalists, we prepare and submit a comprehensive RFP, then evaluate the responses, including checking references and financials. We walk both the client and the respondents through the selection process, evaluating the presentations, and assisting in making a final decision. Once that is done, we work with client’s counsel to prepare a draft management agreement and see the process through to the subsequent negotiations. |
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