Wave Hospitality development services are driven by our "owners/ investor" philosophy; a very detailed and highly customized approach which yields a unique service platform. We provide a turnkey development strategy for our clients, but also work with them on comprehensive evaluations of stalled developments, due diligence management, establishing investment memorandums and repositioning of developments.
Often developers and institutions have the hard construction experienced staff, but do not have an operations or hotel specific point person who oversees the hotel brands technical services and many budgets. This strains the operator and owners relationship during the critical 12 months period prior to opening. Results are cost overruns in FF&E, OS&E, Systems and pre-opening budgets. Even possible delays in furniture, material, supply deliveries or the opening date. At post-opening of the hotel we assist the owner and operator in coordinating the construction punch-list, designer issues, contractors or vendors warranty, purchasing company close out and other post development tasks.
Below are some examples of services we perform with our development advisory team:
- Provide full project management.
- Assist with ownership in regard to hotel management pre-opening activities.
- Provide full owners representation.
- Review and analyze current scope and cost (program and design).
- Oversee RFP process and selection of construction company, architect, design team and other consultants.
- Assist with project value engineering based on original scope.
- Analyze and recommend any potential new residential strategies.
- Create a full development budget, including:
- Hard Cost Budget/ Construction budget estimate
- Soft Cost Budget/ FF&E/ OS&E/ Systems/ Pre-Opening Budget estimate
- Detailed Rooms Pro-Forma (including penetration chart, Smith Travel Research (STR), rate segmentation chart)
- Detailed F&B Pro-Forma (including outlet, cover, average check chart)
- Assist with procurement of FF&E and OS&E.
- Provide underwriting model with cash flow.
- Initiate and introduce potential capital partners and lenders.
- Develop collateral material, investment books for financing strategy.