HOSPITALITY
Case Study #1
Renaissance Suites O'Hare, Chicago, IL
Engagement:
Bryn Mawr Hotel Partners, LP, a Chicago based joint venture retained Lakeland Asset Management as asset manager and hotel opening supervisor.
Process:
Lakeland Asset Management assumed immediate control of the asset, getting involved in hiring, operating supplies, FF&E installation, punchlist completion, group and banquet sales, restaurant concept and menu creation as well as spearheading the sale of the asset to Tishman Group from New York.
Outcome:
During this 12 month engagement Lakeland Asset Management achieved the following:
......- Interviewed and hired all staff for positions ranging from General Manager and the
........executive team down to the front desk staff and doormen.
......- Worked with Marriott to create the entire operating supplies budget, created substantial. cost savings ........(in excess of $1 million) over and above what Marriott could achieve, received all operating
........supplies and set them in place (flatware, glassware, sheets, bedding, etc.).
......- Performed all pre-opening activities and created all budgets.
......- Managed the cashflow through meticulous inventory control, strong room and group
....... sales, efficient staffing levels and effective marketing programs.
......- Development of all hotel reporting systems.
......- Reviewed and analysed real estate taxes to create savings in excess of $500,000.
......- Managed 170 parking spaces for maximum revenue.
Key Capabilities:
......- Experienced and skilled asset managers with the ability to audit hotel financial controls as
....... well as think outside of the box to propose new methods to achieve greater results.
......- Utilization of the Lakeland Asset Management Group's leverage with outside contractors.
......- Knowledge and understanding of complex legal issues relating to hotel openings and partnerships.
......- Ability to perform all tasks with the hotel still running and maintaining a high level of
....... service with a minimum of disruption to the guests.
