In the past decade, our team has been very active and successful in acquiring properties for private ownership and for institutional partners and funds. Our success and experience is supported by a very high acquisition criteria, which consists of identifying under-performing properties that we believe can be brought to market potential through improved asset management and "value-add" properties, requiring redevelopment, repositioning and investment to achieve returns set by high underwriting and performance goals.
During these difficult and turbulent times, lenders, borrowers, owners and investors seek experienced hospitality asset restructuring services, which is what Wave Hospitality provides. Our vast experience with all types of hotel brands and investors over the last decade gives us the unique ability to guide our clients through difficult times with ease. The Wave Hospitality team has the necessary experience to make the lender advisor process seamless and smooth for hotel operations, whether it be assistance in foreclosure and other workout proceedings, supporting a perform or non-performing loan or dealings with lender equity. Our team has the necessary experience to make this process seamless and smooth for the hotel operations. This allows the hotel brand to focus on the daily operations while our team do the collateral review, on-going work out support and perform asset management services as necessary.
We believe the services we provide to lenders are more important than ever, not only due to the current climate of hardening credit conditions and challenging operating conditions, but also because major brands are in need of any operational assistance and support by the owners to accomplish their fiduciary responsibilities.
Below are some examples of services we perform with our Acquisition Advisory group:
- Identify the asset or site through large network of connections with owners, brokers and institutions.
- Complete an extensive site survey.
- Review of competitive supply, demand sources, economic environment.
- Complete a physical building assessment with proposed renovation and capital improvement plan.
- Provide a financial analysis with underwriting model.
- Benchmark operating performance against industry trends.
- Provide an in depth analysis of the operations of rooms, food and beverage, spa, golf and all other operational areas.
- Review internal systems, including but not limited to: revenue enhancement initiatives, cost control procedures, cash flow management, purchasing and inventory controls, manpower control and benefits, systems and quality control procedures.
- Analysis of possible repositioning of the asset including RFP for operator and management.
- Participate and oversee hotel management agreement negotiations.
- Assist with lender pre- and post-workout evaluations and asset sales assessment.