HOSPITALITY
Case Study #2
Embassy Suites Lakefront, Chicago, IL
Engagement:
MCL Companies, a Chicago based developer retained Lakeland Asset Management as asset manager and hotel monitor as well as manage the underground parking facility that was shared with the movie theatres.
Process:
Lakeland Asset Management began immediate weekly reports to the ownership regarding room revenue calculations, operating supplies, FF&E reserves, group and banquet sales, restaurant and bar consulting, room service operations and parking garage management.
Outcome:
During this 12 month engagement Lakeland Asset Management achieved the following:
......- Worked with hotel management and ownership to create more cost effective way of
........running the operation, streamlining the budgets, the cashflow requirements.
......- Increased room revenue, occupancy and REVPAR by strategic marketing and targeting
........corporate sales as well as weekend family room business.
......- Improved restaurant occupancy and bar traffic to create additional revenue via................
........promotions and events.
......- Employee review and assessment.
......- Improved hotel maintenance.
......- Developed new hotel reporting systems to maintain efficiency and to give a "dashboard
........view" of the hotel operations and finances at any given moment.
......- Reviewed and analysed real estate taxes to create savings in excess of $500,000.
......- Managed parking garage with over 1,000 spaces that served the hotel, 21 screen movie
........theatre, Holmes Place gym.
Key Capabilities:
......- Ability to immediately step in with minimal disruption to operations and guest services
........and work hand-in-hand with hotel management to achieve common goals.
......- Utilization of the Lakeland Asset Management Group's experience in hotel management to
........streamline operations and revenue.
......- Key understanding of personnel management to maximize the human capital.
......- Ability to initiate marketing and PR campaigns to drive traffic and business to the hotel as
....... well as the food and beverage department.
......- Implement new preventative maintenance programs to better retain asset value at lower costs.
