The Troubadour Hotel

The Troubadour Hotel

New Orleans, LA

PROPERTY DETAILS

  • 184 rooms
  • Equity Investment
  • New hotel with reputational issues
  • Located near historical French Quarter
  • Unique rooftop bar venue in the city which was not well executed
  • Pre-acquisition rooftop bar venue was running at a loss
  • Pre-acquisition customer base was not optimized for maximum profit
  • Hotel had chronic leadership issues with unstable property team

SERVICES

  • Strategy formulation and implementation
  • Asset Management
  • Revenue Management
  • $1.1MM elective renovation/improvement plan to activate rooftop and lobby venues
  • Renovation project management

RESULTS

  • Re-segmented customer base over 7-month period resulting in improved RGI of 22% points
  • Improved overall NOI margins by 24%
  • Elective renovation completed on budget
  • Increased revenue in bar venue by 400% and achieved profit margins of 42% post-acquisition
Sheraton Suites Plantation-Fort Lauderdale

Sheraton Suites Plantation-Fort Lauderdale

Plantation/Fort Lauderdale, FL

PROPERTY DETAILS

  • 263 ROOMS
  • “Broken” asset owned by Lender
  • Located as an anchor to an active $350MM lifestyle retail, office, and multifamily development site
  • Hotel was on brink of major lawsuit between seller and one of the largest lifestyle mall developers in the country
  • Other buyers were apprehensive about inserting themselves in the potential legal claims

SERVICES

  • Active Asset Management
  • $11MM renovation planning and project management
  • Construction coordination and significant ongoing post-acquisition deal negotiations with major mall developer

RESULTS

  • Completed renovation $850k under budget
  • Purchased significantly below replacement cost due to pre-existing legal challenges between previous owner and mall developer
  • Post-acquisition negotiations were highly challenging and lasted 1-year but results immediately increased incremental value of asset by $2.5MM without adding additional cost
  • Asset was transformed to now trophy asset in the South Florida market
Home 2

Home2 Suites by Hilton Columbus-Indianapolis

Columbus (Indianapolis MSA), IN

PROPERTY DETAILS

  • 102 Rooms
  • Ground-up development on a non-prototypical tight lot
  • Equity Investment

SERVICES

  • Planning and construction phase support
  • Pre-opening and opening services
  • Property management

RESULTS

  • Non-prototypical development was completed under budget and 33% below resale comps
  • Ramped up new property during Covid19 within 3 months
  • Property was profitable
  • Strategy to build the tallest building in suburb proved to be key element to securing new customers quickly