HOSPITALITY
Case Study #3
Parkview Hotel, Lincoln Park, Chicago, IL
Engagement:
Gold Coast Investors, LLC, a Chicago based joint venture retained Lakeland Asset Management as hotel opening supervisor/construction completion consultant.
Process:
Lakeland Asset Management was placed in charge of the FF&E budgets and deliveries, was involved in the review all hotel renovation construction and punchlists, operating supplies, project scheduling, hotel operating licenses and Certificate of Occupancy.
Outcome:
During this 6 month engagement Lakeland Asset Management achieved the following:
......- Interviewed all development team staff to achieve a 'snap shot' of the present status.
......- Worked with the General Contractor and all subcontractors to implement a timeline for
........punchlist completion.
......- Worked with Portfolio Hotels to purchase to purchase all operating supplies. In
........conjunction with Portfolio Hotels, realized a substantial cost saving of $150,000 (on a
........budget of $550,000), received and warehoused all operating supplies (flatware, glassware,
........sheets, bedding, etc.), received and warehoused all FF&E items.
......- Created detailed construction completion schedules as well as overall schedules for
........Occupancy Certificates, hotel licenses and grand opening.
Key Capabilities:
......- Experienced hospitality asset managers with the ability to step in and immediately assess
....... what is required to achieve the goals.
......- Utilization of the Lakeland Asset Management Group's extensive construction and project
....... management experience with outside contractors.
......- Knowledge and understanding of complex relational issues between owner, banks, General
....... Contractor in order to reach the targeted opening date on time and within budget.
