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).
You might like:
- Four Types Of Concrete Damage And How To Address Them
- Rise Of IoT Prompts Facility Professionals To Invest In Analytics
- Facility Management Critical To Infection Control
- 4 Ways To Avoid LED Lighting Failure
- Question Of The Week: What Best Practice Boosts Your Bottom Line?
- FM Alert: OSHA Offering $4.6M In Safety And Health Training Grants
- Friday Funny: The Dirty Truth About Public Bathrooms
- Best Practices For Data Center Management
- Look, Listen, And Learn To Find Leaks
- Technology, Aging Facilities Impacting Education Facility Budgets
- Applying Lean Principles To Facility Cleaning Programs
- New Vikings Football Stadium First In U.S. With Transparent Roof
- Energy Upgrades And Renovations: What To Know About Windows
- U.S. Employers Suffer Largest Talent Shortage In Skilled Trades
- Preventive Maintenance, Proactive Facility Management