Asset Management Representative Engagement

• Click here to read about the Crowne Plaza Times Square, New York
• Click here to read about the Loews Lake Las Vegas

Crowne Plaza Times Square, New York
2007

The Crowne Plaza Times Square is a landmark New York City hotel that recently underwent a major, property-wide renovation and repositioning while under Asset Management by Pyramid Hotel Group. 

The following are among the roles and accomplishments achieved by PHG as Asset Managers of the Hotel:

• Performed extensive technical architectural and engineering due diligence on the asset and identified a number of physical deficiencies not identified by the preceding team of professional engineers

• Developed a variety of asset valuation models for the analysis of Return on Investment for the renovation

• Provided operating input and project coordination during renovation, which was managed by Pyramid Project Management

• Performed asset positioning analysis and identified upside opportunities for asset to increase performance against targeted competitive set (Hotel had been performing at a RevPAR index level of approximately 82 percent, and has now moved to the mid- 90’s, with a target of 100 percent RevPAR Index).

• Established formal guidelines to assist with the setting of operating budget and market penetration goals

• Reviewed time and labor management and productivity standards with Operations Management

• Provided oversight and coordination of preventative maintenance program automation (System 360)

• Participated in ongoing review, critique, operational input regarding:
  • Financial results, P&L review
  • Sales and marketing efforts – booking levels, sales, quotas, etc.
  • E Commerce and web based marketing efforts; third-party internet positioning, and general web based marketing strategy.
  • Staffing levels, payroll and productivity oversight
  • Management performance evaluation

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The Loews Lake Las Vegas is a world-class resort experiencing the difficult operating environment experienced by the industry nationwide. The special servicer has engaged Pyramid Hotel Group to act as both Receiver and Asset Manager to protect and enhance the value of this complex resort.

The following are among the roles and accomplishments achieved by PHG as Asset Manager and Receiver of the Resort:

• Performed a comprehensive transition/due diligence review with the Loews’ on-site team and Loews Corporate Operations and Marketing team resulting in the development of a road map of priorities to best represent all stake holders involved in the Resort

• Undertook a review of all service agreements, contracts, and fixed monthly expenses resulting in savings of thousands of dollar in monthly operating expenses

• Reviewed staffing levels and organization structure, resulting in staff reductions better reflecting current occupancy levels

• Combined, eliminated and shifted jobs to alternate locations and required employees to perform tasks previously accomplished by outside contractors, reducing costs and maximizing retention of on-site employment

• Achieved marketing planning action plans focusing the sales team on new avenues of revenue generation in both group and transient

• Established a detailed action plan to drive revenues in rooms, catering, outlets, and retail

• Challenged the use of marketing funds by the Brand, rate setting via existing revenue management processes and deployment of group and transient sales teams

• Initiated discussions with all legal entities involved in the Lake Las Vegas development, securing short term agreements to maintain golf operations

• Maintained an open and productive relationship with Loews’ Corporate officers, resulting in revisions to corporate policies and procedures, enhancing receivership role

• Maintained a productive and positive relationship with lender, with weekly reports, cash management efforts, bi-weekly calls and month end receiver reporting

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