Launched in 2009, the program also works with financial institutions and lenders in these efforts. The Providence Group recently completed an engagement with Premier Equity Fund of West Islip, NY to review and analyze distressed hotel opportunities and formulate a strategic plan moving forward.
The Distressed Hotel Management Program involves The Providence Group examining the property’s physical plant, operations, and marketing; creating an operating budget and formulating a tactical plan; engaging a general manager, if appropriate; maintaining accountability to implement the necessary action steps; and communicating progress with the financial institution and/or owner on an ongoing basis. The company implements disciplined cost controls with the goal of ramping up revenues quickly and cost-effectively.
Said Jed C. Heller, the company’s founder and president, “Everyone in the hospitality industry had hoped that the economy would have turned around by now, but it’s clear that a significant rebound is a long way off. It’s more important than ever to understand the value of the asset and take steps to minimize any financial drain on the investors and owners.”
Since focusing its management and consulting services on distressed hotels, The Providence Group has worked on a number of properties, including the Emerson Inn by the Sea (Rockport, MA), Regency Lodge (Omaha, NE), The Inn at the Blue (Marian, NY), The Wyndham Drake Hotel (Oak Brook, IL), The Royal Inn Hotel (Fort Pierce Beach Hutchinson Island, FL), and the Balsams Grand Resort Hotel (Dixville Notch, NH).
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