Description
Abstract about asset management superior results through unrivalled hospitality intelligence.
Superior results through unrivalled hospitality intelligence.
Everywhere!
Asset Management
- 2 -
Table of Contents
Introduction to HVS Asset Management 3
Case Studies 17
Team Leadership 37
Contact Information 40
- 3 -
Introduction to HVS Asset Management
- 4 -
Overview Overview
How We Can Serve You
We bring you the broadest range
of complementary services; no
other organization can match it!
•Asset Management & Advisory
• Investment Banking
• Executive Search
• Hotel Management
• Consulting & Valuation
• Spa Services
• Sales & Marketing Services
• Hotel Parking Consulting
• Interior Design
• Convention, Sports & Entertainment
Facilities Consulting
• Gaming Services
• Shared Ownership Services
• Golf Services
• Eco Services
Food & Beverage Consulting
- 5 -
HVS covers the world with
36 offices in 14 countries
staffed by more than 350
professionals.
Overview
We Can Serve You Everywhere
• Athens
• Atlanta
• Bahamas
• Bangkok
• Beijing
• Boston
• Boulder
• Chicago
• Dallas
• Denver
• Dubai
• Guangzhou
• Hong Kong
• Houston
• Jakarta
• Las Vegas
• London
• Los Angeles
• Mexico City
• Miami
• Milan
• Minneapolis
• Mumbai
• New Delhi
• New Orleans
• New York
• Newport
• Philadelphia
• São Paulo
• San Francisco
• Shanghai
• Singapore
• St. Louis
• Toronto
• Vancouver
• Washington, DC
- 6 -
What We Can Do For You
What we do:
We serve as a bridge between ownership and
management in order to maximize asset value and align
the operation of a hotel with the owner’s investment
goals
The Clift
San Francisco, California
J W Marriott
Indianapolis, Indiana
Renaissance
Schaumburg, Illinois
- 7 -
What We Can Do For You
Range of Services:
Asset Management:
•Owner Representation/Asset Oversight
•Operational Reviews
•Operator Selection/Contract Negotiation
•Develop and Implement Turnaround Strategies
•Receivership
•Management in Transition
Strategic Advisory:
•Buy-Side Due Diligence
•Optimization of Organizational Structures, Marketing
Plans
•Branding/Management Selection Analysis
•CapEx Decision Making
•Renovation/Development Oversight
•Review of Exit Options
•Debt Restructure/Dispute Resolution
- 8 -
What Guides Us
Our Approach:
Five Guiding Principles
1) We look for every opportunity to align the interests
of hotel operators with those of hotel owners.
Where there are misalignments, we openly identify
them and actively advocate for ownership.
3) We build collaborative relationships to make the
implementation of change possible.
2) We change the mindsets of managers through
disciplined analytics and benchmarking.
4) We implement best practices based on our
experiences with dozens of properties and
management teams.
5) We stay creative to find non-traditional value-
enhancing opportunities, and solutions to existing an
potential problems
- 9 -
How We Create Value For You
1. We troubleshoot a hotel’s operation to identify areas that keep a property from maximizing its
potential
a) CapEx needs
b) Human Resources
c) Guest Service
d) Revenue Generation
e) Cost Controls
2. We facilitate change, by working collaboratively with the hotel’s operating team
a) Provide strategic direction
b) Support management in areas that are beyond their skillset (such as supply and demand
analysis, cost-benefit evaluations, benchmarking, industry best practices)
- 10 -
How We Create Value For You
Our process is tailored to the
individual needs of the property and
the owner, but a typical assignment
includes the following:
• Weekly activities:
• Constant communication with operating team to stay
abreast of activities and follow-through with all ongoing
initiatives
• Monthly activities:
• Informal meeting with hotel executive team
• Monitor 10 key parameters
• Prepare an executive summary
• Quarterly activities:
• Formal meeting with hotel executive team
• Emphasis on planning for next quarter
• Prepare a quarterly report
• Conference call to share best practices
• Annual activities:
• Monitor the value of the asset vs market value
• Review the capital structure
• Review strategic options and evaluate possible value
enhancements
- 11 -
How We Create Value For You
Constant monitoring and guidance
of 10 key parameters:
1. RevPAR index performance
2. Optimal market segmentation
3. Optimal booking channel mix
4. Revenue management
5. Sales goals vs production
6. Financial performance: variance analysis and
benchmarking
7. Labor efficiency
8. Guest satisfaction
9. Employee satisfaction
10. Physical needs (CapEx and preventive maintenance)
- 12 -
How We Create Value For You
Realize prudent operational cost
savings:
• We monitor labor productivity closely and match staffing
needs with capabilities.
• We benchmark financial performance, and bring costs in
line with relevant comparables.
• We conduct energy audits to find energy savings and
promote sustainability.
• We review and appeal property taxes, when appropriate
• We review insurance costs, and work with an in-house risk-
management expert to find savings.
• We renegotiate contracts with service providers.
- 13 -
How We Create Value For You
We systematically identify prudent
opportunities for cost reductions:
We often generate operational efficiencies by
benchmarking performance. We have a proprietary
database with over 10,000 hotel financial
statements. Hence, we can benchmark your
property against the most relevant comparables.
SPIDER
The Hospitality Repository
is HVS’s proprietary database
- 14 -
How We Create Value For You
SPIDER’s main search page:
- 15 -
How We Create Value For You
We negotiate the best achievable
contract terms with trusted
service providers:
• HVS has reviewed and negotiated hundreds of
management contracts, franchise agreements, purchase
and sale agreements, PIP agreements, and other
operating agreements.
• We benchmark the most current contract terms across
brands, property types and portfolio sizes.
- 16 -
Repositioning
Stabilization
Refinancing
Disposition
Acquisition
We Have Expertise Throughout the Property Life Cycle
Construction
Ramp-up
Long-term
maintenance
Pre-opening
Refurbishment
Planning &
Development
- 17 -
Case Studies
- 18 -
Ownership
Representation: Aloft Hotel Washington National Harbor
Highlights of Results
•Improvement of guest service scores from the bottom quartile to the
top quartile among all Aloft hotels within five months. This was the
result of HVS overseeing the implementation of an intensive guest-
service training program for all employees.
•Quarterly RevPAR index improved by 14% within six months of our
involvement. Our active engagement with the marketing team
included a process of accountability, the re-design of the vanity
website, and the introduction of various marketing campaigns.
•Year-over-year NOI is on-track to increase by over $1 million from the
start of our engagement. Our detailed expense benchmarking
analysis led to numerous cost control measures that contributed
significantly to this result.
Property Features
•190-room hotel
•Upscale boutique property with views of the Potomac River
•Select-service property with a lobby bar and 5,000 sf of meeting space
Property
Aloft Washington National Harbor
Location
National Harbor, Maryland (15 minutes
South of Downtown Washington DC)
Client
Peterson Companies
Type of Assignment
Asset management
- 19 -
Ownership
Representation: Thompson Hotel Portfolio
Highlights of Results
•Overseeing financial performance contributing toward improvement
in NOI margins of 1,100 bps in 2012 (or $4.4 million).
•Averting major operational challenges by implementing preventive
maintenance initiatives.
•Adjusting the composition of the competitive sets to ensure
appropriate benchmarking.
•Improving the effectiveness of the sales team by actively providing
input into key hiring decisions.
•Developing effective marketing strategies incorporating an optimum
market mix and rate positioning.
•Reviewing chain expenses and allocations for accuracy,
appropriateness and cost-benefit relationship.
Property Features
•344-room hotel portfolio
•Upscale boutique properties in prime locations
•Full-service restaurants and signature bars at each location
Properties
60 Thompson
Thompson LES
Thompson Beverly Hills
Location
New York and Beverly Hills
Client
Pomeranc Hotel Group
Type of Assignment
Asset management
- 20 -
Ownership
Representation: Renaissance Schaumburg
Highlights of Engagement
•HVS has provided oversight of the property since pre-opening.
•Pre-opening activities included:
•Monitoring construction progress leading to an on-time and on-
budget opening.
•Overseeing sales and marketing activities leading to a quick
ramp-up in market penetration.
•Interviewing executive team candidates.
•Monitoring management and line-level staffing levels.
•Post-opening activities include:
•Developing effective marketing strategies to reach an optimum
market mix and rate positioning.
•Providing competitive market intelligence to owner and
operator.
•Benchmarking financial results to achieve maximum operating
efficiencies.
•Approving annual budgets, sales & marketing and CapEx plans.
Property
500-Room Renaissance Hotel and 130,000-
square-foot Convention Center
Location
Schaumburg, Illinois
Client
Village of Schaumburg
Type of Assignment
Asset management and feasibility analysis
- 21 -
Ownership
Representation: Renaissance Schaumburg
Highlights of Results
•Property was named 2007 Renaissance Hotel of the Year by
Marriott.
•General manager was named “General Manager of the Year” in
2008 by Marriott.
•Property has consistently achieved highest Renaissance customer
satisfaction scores in North America.
•Property regularly achieves RevPAR penetration in the 155%-to-
165% range.
Property Features
•500-room hotel
•149,000 combined square feet of meeting and
convention center facilities
•Three F&B outlets
•Opened in July 2006
Property
500-Room Renaissance Hotel and 130,000-
square-foot Convention Center
Location
Schaumburg, Illinois
Client
Village of Schaumburg
Type of Assignment
Asset management and feasibility analysis
- 22 -
Ownership
Representation: Hyatt Regency McCormick Place
Highlights of Engagement and Results
•Collaborated with Hyatt management to develop effective marketing
strategies incorporating an optimum market mix and rate positioning.
•Oversaw $110-million, 460-room expansion and full renovation of
existing rooms.
•Provided competitive market intelligence.
•Benchmarked financial results.
•Worked with management to achieve maximum operating efficiencies,
including improvements in labor productivity of 5% in rooms and 9% in
F&B, contributing to an expansion of 190 bps in NOI margins in 2012.
•Approved annual budget, sales & marketing and CapEx plans.
•Reviewed chain expenses for appropriateness and cost-benefit balance.
Property Features
•800-room hotel, four F&B outlets
•50,000 combined square feet of meeting facilities
•Opened in July 2006
Property
800-Room Hotel and 31,000-square-foot
Conference Center
Location
Chicago, Illinois
Client
Metropolitan Pier and Exposition Authority
Type of Assignment
Asset management
- 23 -
Highlights of Engagement
•HVS developed and oversaw a competitive selection process to identify
the best developer/operator team.
•Chaired the hotel selection advisory committee.
•Selected team of REI Real Estate Services and White Lodging as the
project’s developer/operator.
•Negotiated project agreement in conjunction with client’s counsel.
•Provided on-going representation of the client’s interests throughout
the development period by:
•Visiting the site regularly to monitor the construction progress
leading to an on-time and on-budget opening.
•Monitoring sales and marketing staffing and pre-booking pace
leading to a quick ramp-up of operations and market
penetration.
•Meeting and communicating with the developer’s internal asset
management group.
Lender Representation: JW Marriott Indianapolis
Property
1,005 Room – JW Marriott
Convention Center Hotel
Location
Indianapolis, Indiana
Client
City of Indianapolis
Type of Assignment
Asset management, strategic
advisory, and feasibility evaluation
- 24 -
Lender Representation: JW Marriott Indianapolis
Highlights of Results
•$425-million development project broke ground in May 2008.
•Despite collapse of financial markets, project moved forward due to
the financial strength of the developer selected; it opened February
2011.
•Debt provided by the client remains current.
Property Features
•1,005-room hotel
•105,000 square feet of meeting space
•Three F&B outlets
•Opened February 2011
Property
1,005 Room – JW Marriott
Convention Center Hotel
Location
Indianapolis, Indiana
Client
City of Indianapolis
Type of Assignment
Asset management, strategic
advisory, and feasibility evaluation
- 25 -
Highlights of Engagement
•HVS provides full asset management services and hands-on oversight
of property management.
•Actively participate in all key decisions involving sales and marketing,
staffing, major expenditures, and CapEx projects.
•Oversaw a complete renovation while implementing a program to
minimize revenue displacement and guest inconvenience.
•Redefined marketing roles to strengthen relationship-building with key
clients, resulting in very high customer loyalty and repeat business.
•Regularly benchmarked financial and operating results using HVS’s
proprietary database to gain maximum efficiencies.
•Provide monthly reports for owner to monitor results.
Ownership Representation
& Management: Residence Inn Palo Alto
Property
Residence Inn by Marriott
Location
Los Altos/Palo Alto, California
Client
Sand Hill Property Company, LLC
Type of Assignment
Asset management and strategic advisory
- 26 -
Ownership Representation
& Management: Residence Inn Palo Alto
Highlights of Results
•Property has maintained strong NOI margins and growing RevPAR
penetration throughout the economic cycle.
•Property has consistently achieved NOI margins of 44%-50% since HVS’s
involvement.
•NOI increased by 8% during HVS’s first year of involvement, largely
through effective revenue management strategies.
•Property regularly achieves RevPAR index in the 130%-to-140% range.
•Property ranks in the top 6% of customer satisfaction scores among all
578 Residence Inns in North America.
•Property boasts line-level employee turnover of 13%, compared with
65% for the industry.
Property Features
•156-suite hotel
•1,500 square feet of meeting space
•Opened in 2001
•Marriott Platinum Service Award Recipient 2009
•AAA three diamonds
Property
Residence Inn by Marriott
Location
Los Altos/Palo Alto, California
Client
Sand Hill Property Company, LLC
Type of Assignment
Asset management and strategic advisory
- 27 -
Ownership Representation
& Preparation for Sale: Hilton Garden Inn Cupertino
Highlights of Engagement and Results
•Provided comprehensive asset management.
•Generated operating profit margins in the range of 36% to 39%.
•Increased NOI by 27% during first year of involvement, largely through
effective revenue management.
•Oversaw all major decisions involving sales and marketing, property
staffing, major expenditures, and CapEx projects.
•Regularly achieved RevPAR index in the 120%-to-130% range.
•Oversaw a full renovation while implementing a program to minimize
revenue displacement.
•Took a very active role during the sales process, in conjunction with the
selling broker.
•Seller received the highest sales price per room of any Hilton Garden
Inn outside Manhattan ($230,000).
Property Features
•165-room hotel
•1,500 square feet of meeting space
•Opened in 1998
•AAA three diamonds
Property
Hilton Garden Inn
Location
Cupertino, California
Client
Sand Hill Property Company LLC
Type of Assignment
Asset management and strategic advisory
- 28 -
Ownership Representation: Marriott Courtyard
Highlights of Results
• $31-million profit on sale by implementing HVS operational
directives and aggressive Asset Management to control expenses
and increase revenues
• 400 bp increase in Property GOP from 44% in 2008 to 48% in 2010
• 16% profit percentage in Food & Beverage department in 2010
from a 9% loss in 2008
• 108%-116% RevPAR indexes against two comp sets for the rolling
12-month periods
• 10% decrease in variable housekeeping and laundry payroll cost
POR
• 23% reduction in Food Cost from 42% to 34%
Property Features
•204 Rooms
•Three-Meal Restaurant
•High Energy Bar
Property
204 Rooms
Location:
Washington DC
Client
Private Ownership Group
Type of Assignment
Asset Management
- 29 -
Ownership Representation: Carolina Inn
Highlights of Results
• Provided a Branding Analysis and determined that the Hotel
should become an Independent and drop the DoubleTree/Hilton
affiliation
• Conducted a search and selection process for a new operator
• $400,000 in new rooms business added in 2009 due to new
internet marketing initiatives
• 11% decrease in food cost related to recommended menu pricing
adjustments
• $150,000 decrease in Food & Beverage payroll
• $130,000 decrease in management fee expense achieved by hiring
a new operator and negotiating new competitive terms
.
Property Features
•184 Rooms
•13,000 sq. ft. of meeting space
•Four Diamond Rooms Rating
•Four Star Restaurant Rating
Property
184 rooms Rooms
Location:
Chapel Hill, NC
Client
University of North Carolina
Type of Assignment
Asset Management; Management Company
Search, Selection, Negotiation
- 30 -
Operator Selection: Hilton Oceanfront Resort
Highlights of Engagement and Results
•HVS conducted a competitive operator/brand selection process.
•Assisted client in process of selecting a new brand; negotiating PIP
requirements, terms and financing for a desired renovation.
•A new management/branding agreement was negotiated with Omni
Hotels, which included very favorable terms that were closely aligned
with ownership’s priorities.
Property Features
•324-room condo-hotel
•15,000 square-foot convention center
•Four F&B outlets
•Opened in 1985
•AAA four diamonds
Property
Hilton Oceanfront Resort
Location
Hilton Head Island, South Carolina
Client
Atlantic Resort Managers
Type of Assignment
Operator & Franchisor Selection
- 31 -
Highlights of Engagement
•Provided buy-side advice in order for the University to acquire the
hotel, which was independently owned but resided on land owned by
the University. The University’s objective was to control the asset in
order to advance its campus efficiency and growth. To effectuate this
result HVS:
•Evaluated the asset’s operations and developed a more efficient
operating business model that combined the operations of the
hotel with an adjacent conference center.
•Determined the fair market value of the asset.
•Negotiated the purchase & sale agreement in conjunction with
the University’s legal counsel.
•Led the selection process to identify a new management
company for the combined asset.
•Developed the selection criteria for use by the selection
committee and made recommendations regarding the various
companies that participated in the process.
Acquisition Due Diligence
& Operator Selection: University Place Hotel
Property
University Place Hotel & Conference Center
Location
Indianapolis, Indiana (Indiana
University/Purdue University Campus)
Client
Indiana University
Type of Assignment
Asset management, strategic advisory, and
financial analysis
- 32 -
Acquisition Due Diligence
& Operator Selection: University Place Hotel
Highlights of Results
•Client successfully acquired the asset.
•With HVS’s assistance, client selected a competent manager and
negotiated a favorable management agreement.
•Profitability of the property increased after a comprehensive
renovation and integration of a revised business operating model.
Property Features
•278-room hotel
•45,000 square-foot convention center
•Three F&B outlets
•Opened in 1988
•AAA four diamonds
Property
University Place Hotel & Conference Center
Location
Indianapolis, Indiana (Indiana
University/Purdue University Campus)
Client
Indiana University
Type of Assignment
Asset management, strategic advisory, and
financial analysis
- 33 -
Acquisition Due Diligence: Hotel Washington
Property Features
•317-room hotel
•12,000 square feet of meeting space
•Four F&B outlets
•Opened in 1917 (completely renovated in 2009)
•AAA four diamonds
Property
Hotel Washington
Location
Washington, D.C.
Client
Northview Hotel Group LLC/
Westbrook Partners
Type of Assignment
Asset management and due diligence
assistance
Highlights of Engagement
•Within the 30-day closing period, HVS:
•Conducted comprehensive due-diligence.
•Identified operating savings of over $100,000 a year.
•Developed and recommended a buy-and-hold strategy, instead of
the short-term sale envisioned by the client.
•Transitioned all accounting and payroll functions to a stand-alone
system.
•Supported the negotiation of collective bargaining agreement
rollovers with three unions.
•Reviewed employee compensation, training materials, and human
resource practices.
•Property was successfully reopened as the W Washington after a
complete renovation.
- 34 -
Acquisition Due Diligence: The Clift
Highlights of Engagement and Results
•Provided strategic buy-side advice for the acquisition of the leasehold
interest in this trophy boutique hotel:
•Reviewed competitive market and financial performance of
hotel under multiple scenarios.
•Evaluated effect on branding, management, and leases under
various stressed conditions.
•Reviewed sales and marketing plans to identify risks and
opportunities.
•Client successfully acquired asset with “no surprises,” ultimately
exceeding return expectations.
Property Features
•363 hotel rooms
•2,000 square feet of meeting space
•Operated by Morgans Hotel Group
•Asia de Cuba signature restaurant
•Opened in 2001 (originally built in 1913)
Property
The Clift
Location
San Francisco, California
Client
DivcoWest
Type of Assignment
Strategic Advisory
- 35 -
Acquisition Due Diligence &
Interim Management: Semiahmoo Resort
Property Features
•198-room hotel
•36,000 square feet of meeting space, four F&B outlets
•Two 18-hole championship golf courses, 300-slip marina
•Opened in 1987
•AAA four diamonds
Property
Semiahmoo Resort
Location
Blaine, Washington
Client
Trillium Corporation
Type of Assignment
Asset management and financial analysis
Highlights of Engagement and Results
•Conducted extensive due diligence.
•Managed the property on an interim basis post-acquisition while the
management company selection process took place.
•Selected a new third-party manager through a competitive process.
•Negotiated a favorable management agreement.
•Supported the acquisition price through a valuation and market study.
•The selected manager successfully operated the resort throughout the
owner’s investment period.
- 36 -
Corporate Restructure: Halekulani Corporation
Property Features
•Owner/operator of 733 upper-upscale hotel rooms
•625 employees
•$80 million in approximate annual revenue
Client
Halekulani Corporation
Location
Honolulu, Hawaii – Tokyo, Japan
Type of Assignment
Strategic advisory
Highlights of Engagement and Results
•HVS evaluated corporate and property-level operations to generate the
optimal organizational structure for the corporation that holds the
Halekulani and the Waikiki Parc hotels
•Benchmarked organizational structure against those of similar
companies and established best practices.
•Benchmarked salaries throughout the corporation.
•Realized labor savings of nearly $1 million per year through
reorganization.
•Eliminated redundancies, streamlined reporting lines, and integrated
transparency and accountability.
•Conducted a successful search for a new COO, who has remained as
COO several years after our engagement.
- 37 -
Ownership Restructure: Astor Crowne Plaza
Highlights of Engagement and Results
•Recommended the restructuring of the ownership entity after
reviewing the investment objectives of various partners involved.
•Assisted in consolidating ownership through a buy-sell provision.
•Maximized revenue potential through active asset management.
•Made operational improvements after comprehensive evaluation of
the existing manager.
•Generated efficiencies and savings through a comprehensive IT and
telephone systems audit.
Property Features
•707-room hotel complex, encompassing two hotels
• 26,000 square feet of meeting space
• One F&B outlet
• Opened in 2000
• AAA four diamonds
Property
Astor Crowne Plaza and Alexa Hotels
Location
New Orleans, Louisiana
Client
Bourbon Hotel & Royal Boutique Hotel
Operating Company
Type of Assignment
Asset management and strategic advisory
- 38 -
Team Leadership
- 39 -
Mark Lynn President, San Francisco
Experience
Mr. Lynn founded the asset management division of HVS in 1996 and has been involved in the hospitality
industry for more than 30 years; he has participated in the development and management of more than
200 hotel assets with a value exceeding $2.5 billion. He currently serves as president of HVS's Asset
Management & Strategic Advisory practice, based in San Francisco.
Prior to forming the asset management division of HVS, Mr. Lynn was Vice President of Richfield
Hospitality Services and was responsible for the expansion of Richfield’s hotel portfolio throughout the
western region of the United States. During his tenure, he identified and consummated more than 20
hotel transactions. He received the President’s Award for outstanding service to the client and community
in 1993, and in 1994 the San Francisco office was recognized as the top producing development office in
the Richfield system. He also served as asset manager for the Flagship resort in Atlantic City, New Jersey
and the asset was selected as hotel of the year under his leadership in 1991. Prior, he served as Vice
President of Operations for Brilyn,Inc. in Cincinnati, Ohio, and played a pivotal role in the management
and rapid expansion of this privately held hotel development and management organization. During his
tenure the company expanded from 4 to 13 hotel assets and Lynn was responsible for the daily operations
of all hotel assets.
Prior, Lynn was senior vice president of Parkmount Hospitality Corporation based in Dallas, Texas and was
responsible for the management of 15 hotel properties located throughout North America and Hawaii.
Education and Affiliations
Mr. Lynn holds a B.S.B.A. from Xavier University in Cincinnati, Ohio and is a member of HAMA (Hospitality
Asset Managers Association).
- 40 -
Miguel Rivera Senior Vice President, New York
Experience
Mr. Rivera brings with him fourteen years of experience in hotel asset management, transactions,
strategic advisory, financing, and valuation throughout the Americas. He is Senior Vice President of HVS's
Asset Management & Advisory practice, based out of New York City. He works with clients to align their
investment objectives with the operations of their hotels, maximize operational efficiencies, and develop
long term strategies that maximize asset value. Mr. Rivera has worked on nearly $1 billion of hotel
transactions, and valued more than $12 billion worth of real estate. He has assisted clients to finance and
recapitalize luxury development projects, and to obtain cross-border financing for resorts in Mexico and
the Dominican Republic. He has advised institutional clients looking to make strategic investments in the
hotel real estate market. Some of his clients include: Starwood Hotels & Resorts Worldwide, Fairmont
Hotels & Resorts, Colony Capital, Westmont Hospitality, LaSalle Investment Management, and Host
Hotels.
Prior to joining HVS, Mr. Rivera was Senior Vice President at Jones Lang LaSalle Hotels, where he led that
group’s Latin American operations. Before his tenure with Jones Lang LaSalle Hotels, he was an Associate
Director at Standard & Poor’s, where he served as the lead rating analyst for many CMBS transactions
involving assets throughout the US, the Caribbean and Mexico. Previously, he was a Vice President at HVS;
he formed part of the Vancouver and San Francisco HVS offices. He also initiated the firm’s Mexico
business in 1999.
Education and Affiliations
Mr. Rivera holds an M.B.A. from Yale University , a B.S. in Hotel Administration from Cornell University,
and a Diploma in Urban Land Economics from the University of British Columbia.
- 41 -
Contact Information
- 42 -
HVS Asset Management Contact Information
Mark C. Lynn
President – San Francisco
+1 415-268-0357
[email protected]
Miguel Rivera
Senior Vice President
+1 917-617-8694
[email protected]
doc_959669605.pdf
Abstract about asset management superior results through unrivalled hospitality intelligence.
Superior results through unrivalled hospitality intelligence.
Everywhere!
Asset Management
- 2 -
Table of Contents
Introduction to HVS Asset Management 3
Case Studies 17
Team Leadership 37
Contact Information 40
- 3 -
Introduction to HVS Asset Management
- 4 -
Overview Overview
How We Can Serve You
We bring you the broadest range
of complementary services; no
other organization can match it!
•Asset Management & Advisory
• Investment Banking
• Executive Search
• Hotel Management
• Consulting & Valuation
• Spa Services
• Sales & Marketing Services
• Hotel Parking Consulting
• Interior Design
• Convention, Sports & Entertainment
Facilities Consulting
• Gaming Services
• Shared Ownership Services
• Golf Services
• Eco Services
Food & Beverage Consulting
- 5 -
HVS covers the world with
36 offices in 14 countries
staffed by more than 350
professionals.
Overview
We Can Serve You Everywhere
• Athens
• Atlanta
• Bahamas
• Bangkok
• Beijing
• Boston
• Boulder
• Chicago
• Dallas
• Denver
• Dubai
• Guangzhou
• Hong Kong
• Houston
• Jakarta
• Las Vegas
• London
• Los Angeles
• Mexico City
• Miami
• Milan
• Minneapolis
• Mumbai
• New Delhi
• New Orleans
• New York
• Newport
• Philadelphia
• São Paulo
• San Francisco
• Shanghai
• Singapore
• St. Louis
• Toronto
• Vancouver
• Washington, DC
- 6 -
What We Can Do For You
What we do:
We serve as a bridge between ownership and
management in order to maximize asset value and align
the operation of a hotel with the owner’s investment
goals
The Clift
San Francisco, California
J W Marriott
Indianapolis, Indiana
Renaissance
Schaumburg, Illinois
- 7 -
What We Can Do For You
Range of Services:
Asset Management:
•Owner Representation/Asset Oversight
•Operational Reviews
•Operator Selection/Contract Negotiation
•Develop and Implement Turnaround Strategies
•Receivership
•Management in Transition
Strategic Advisory:
•Buy-Side Due Diligence
•Optimization of Organizational Structures, Marketing
Plans
•Branding/Management Selection Analysis
•CapEx Decision Making
•Renovation/Development Oversight
•Review of Exit Options
•Debt Restructure/Dispute Resolution
- 8 -
What Guides Us
Our Approach:
Five Guiding Principles
1) We look for every opportunity to align the interests
of hotel operators with those of hotel owners.
Where there are misalignments, we openly identify
them and actively advocate for ownership.
3) We build collaborative relationships to make the
implementation of change possible.
2) We change the mindsets of managers through
disciplined analytics and benchmarking.
4) We implement best practices based on our
experiences with dozens of properties and
management teams.
5) We stay creative to find non-traditional value-
enhancing opportunities, and solutions to existing an
potential problems
- 9 -
How We Create Value For You
1. We troubleshoot a hotel’s operation to identify areas that keep a property from maximizing its
potential
a) CapEx needs
b) Human Resources
c) Guest Service
d) Revenue Generation
e) Cost Controls
2. We facilitate change, by working collaboratively with the hotel’s operating team
a) Provide strategic direction
b) Support management in areas that are beyond their skillset (such as supply and demand
analysis, cost-benefit evaluations, benchmarking, industry best practices)
- 10 -
How We Create Value For You
Our process is tailored to the
individual needs of the property and
the owner, but a typical assignment
includes the following:
• Weekly activities:
• Constant communication with operating team to stay
abreast of activities and follow-through with all ongoing
initiatives
• Monthly activities:
• Informal meeting with hotel executive team
• Monitor 10 key parameters
• Prepare an executive summary
• Quarterly activities:
• Formal meeting with hotel executive team
• Emphasis on planning for next quarter
• Prepare a quarterly report
• Conference call to share best practices
• Annual activities:
• Monitor the value of the asset vs market value
• Review the capital structure
• Review strategic options and evaluate possible value
enhancements
- 11 -
How We Create Value For You
Constant monitoring and guidance
of 10 key parameters:
1. RevPAR index performance
2. Optimal market segmentation
3. Optimal booking channel mix
4. Revenue management
5. Sales goals vs production
6. Financial performance: variance analysis and
benchmarking
7. Labor efficiency
8. Guest satisfaction
9. Employee satisfaction
10. Physical needs (CapEx and preventive maintenance)
- 12 -
How We Create Value For You
Realize prudent operational cost
savings:
• We monitor labor productivity closely and match staffing
needs with capabilities.
• We benchmark financial performance, and bring costs in
line with relevant comparables.
• We conduct energy audits to find energy savings and
promote sustainability.
• We review and appeal property taxes, when appropriate
• We review insurance costs, and work with an in-house risk-
management expert to find savings.
• We renegotiate contracts with service providers.
- 13 -
How We Create Value For You
We systematically identify prudent
opportunities for cost reductions:
We often generate operational efficiencies by
benchmarking performance. We have a proprietary
database with over 10,000 hotel financial
statements. Hence, we can benchmark your
property against the most relevant comparables.
SPIDER
The Hospitality Repository
is HVS’s proprietary database
- 14 -
How We Create Value For You
SPIDER’s main search page:
- 15 -
How We Create Value For You
We negotiate the best achievable
contract terms with trusted
service providers:
• HVS has reviewed and negotiated hundreds of
management contracts, franchise agreements, purchase
and sale agreements, PIP agreements, and other
operating agreements.
• We benchmark the most current contract terms across
brands, property types and portfolio sizes.
- 16 -
Repositioning
Stabilization
Refinancing
Disposition
Acquisition
We Have Expertise Throughout the Property Life Cycle
Construction
Ramp-up
Long-term
maintenance
Pre-opening
Refurbishment
Planning &
Development
- 17 -
Case Studies
- 18 -
Ownership
Representation: Aloft Hotel Washington National Harbor
Highlights of Results
•Improvement of guest service scores from the bottom quartile to the
top quartile among all Aloft hotels within five months. This was the
result of HVS overseeing the implementation of an intensive guest-
service training program for all employees.
•Quarterly RevPAR index improved by 14% within six months of our
involvement. Our active engagement with the marketing team
included a process of accountability, the re-design of the vanity
website, and the introduction of various marketing campaigns.
•Year-over-year NOI is on-track to increase by over $1 million from the
start of our engagement. Our detailed expense benchmarking
analysis led to numerous cost control measures that contributed
significantly to this result.
Property Features
•190-room hotel
•Upscale boutique property with views of the Potomac River
•Select-service property with a lobby bar and 5,000 sf of meeting space
Property
Aloft Washington National Harbor
Location
National Harbor, Maryland (15 minutes
South of Downtown Washington DC)
Client
Peterson Companies
Type of Assignment
Asset management
- 19 -
Ownership
Representation: Thompson Hotel Portfolio
Highlights of Results
•Overseeing financial performance contributing toward improvement
in NOI margins of 1,100 bps in 2012 (or $4.4 million).
•Averting major operational challenges by implementing preventive
maintenance initiatives.
•Adjusting the composition of the competitive sets to ensure
appropriate benchmarking.
•Improving the effectiveness of the sales team by actively providing
input into key hiring decisions.
•Developing effective marketing strategies incorporating an optimum
market mix and rate positioning.
•Reviewing chain expenses and allocations for accuracy,
appropriateness and cost-benefit relationship.
Property Features
•344-room hotel portfolio
•Upscale boutique properties in prime locations
•Full-service restaurants and signature bars at each location
Properties
60 Thompson
Thompson LES
Thompson Beverly Hills
Location
New York and Beverly Hills
Client
Pomeranc Hotel Group
Type of Assignment
Asset management
- 20 -
Ownership
Representation: Renaissance Schaumburg
Highlights of Engagement
•HVS has provided oversight of the property since pre-opening.
•Pre-opening activities included:
•Monitoring construction progress leading to an on-time and on-
budget opening.
•Overseeing sales and marketing activities leading to a quick
ramp-up in market penetration.
•Interviewing executive team candidates.
•Monitoring management and line-level staffing levels.
•Post-opening activities include:
•Developing effective marketing strategies to reach an optimum
market mix and rate positioning.
•Providing competitive market intelligence to owner and
operator.
•Benchmarking financial results to achieve maximum operating
efficiencies.
•Approving annual budgets, sales & marketing and CapEx plans.
Property
500-Room Renaissance Hotel and 130,000-
square-foot Convention Center
Location
Schaumburg, Illinois
Client
Village of Schaumburg
Type of Assignment
Asset management and feasibility analysis
- 21 -
Ownership
Representation: Renaissance Schaumburg
Highlights of Results
•Property was named 2007 Renaissance Hotel of the Year by
Marriott.
•General manager was named “General Manager of the Year” in
2008 by Marriott.
•Property has consistently achieved highest Renaissance customer
satisfaction scores in North America.
•Property regularly achieves RevPAR penetration in the 155%-to-
165% range.
Property Features
•500-room hotel
•149,000 combined square feet of meeting and
convention center facilities
•Three F&B outlets
•Opened in July 2006
Property
500-Room Renaissance Hotel and 130,000-
square-foot Convention Center
Location
Schaumburg, Illinois
Client
Village of Schaumburg
Type of Assignment
Asset management and feasibility analysis
- 22 -
Ownership
Representation: Hyatt Regency McCormick Place
Highlights of Engagement and Results
•Collaborated with Hyatt management to develop effective marketing
strategies incorporating an optimum market mix and rate positioning.
•Oversaw $110-million, 460-room expansion and full renovation of
existing rooms.
•Provided competitive market intelligence.
•Benchmarked financial results.
•Worked with management to achieve maximum operating efficiencies,
including improvements in labor productivity of 5% in rooms and 9% in
F&B, contributing to an expansion of 190 bps in NOI margins in 2012.
•Approved annual budget, sales & marketing and CapEx plans.
•Reviewed chain expenses for appropriateness and cost-benefit balance.
Property Features
•800-room hotel, four F&B outlets
•50,000 combined square feet of meeting facilities
•Opened in July 2006
Property
800-Room Hotel and 31,000-square-foot
Conference Center
Location
Chicago, Illinois
Client
Metropolitan Pier and Exposition Authority
Type of Assignment
Asset management
- 23 -
Highlights of Engagement
•HVS developed and oversaw a competitive selection process to identify
the best developer/operator team.
•Chaired the hotel selection advisory committee.
•Selected team of REI Real Estate Services and White Lodging as the
project’s developer/operator.
•Negotiated project agreement in conjunction with client’s counsel.
•Provided on-going representation of the client’s interests throughout
the development period by:
•Visiting the site regularly to monitor the construction progress
leading to an on-time and on-budget opening.
•Monitoring sales and marketing staffing and pre-booking pace
leading to a quick ramp-up of operations and market
penetration.
•Meeting and communicating with the developer’s internal asset
management group.
Lender Representation: JW Marriott Indianapolis
Property
1,005 Room – JW Marriott
Convention Center Hotel
Location
Indianapolis, Indiana
Client
City of Indianapolis
Type of Assignment
Asset management, strategic
advisory, and feasibility evaluation
- 24 -
Lender Representation: JW Marriott Indianapolis
Highlights of Results
•$425-million development project broke ground in May 2008.
•Despite collapse of financial markets, project moved forward due to
the financial strength of the developer selected; it opened February
2011.
•Debt provided by the client remains current.
Property Features
•1,005-room hotel
•105,000 square feet of meeting space
•Three F&B outlets
•Opened February 2011
Property
1,005 Room – JW Marriott
Convention Center Hotel
Location
Indianapolis, Indiana
Client
City of Indianapolis
Type of Assignment
Asset management, strategic
advisory, and feasibility evaluation
- 25 -
Highlights of Engagement
•HVS provides full asset management services and hands-on oversight
of property management.
•Actively participate in all key decisions involving sales and marketing,
staffing, major expenditures, and CapEx projects.
•Oversaw a complete renovation while implementing a program to
minimize revenue displacement and guest inconvenience.
•Redefined marketing roles to strengthen relationship-building with key
clients, resulting in very high customer loyalty and repeat business.
•Regularly benchmarked financial and operating results using HVS’s
proprietary database to gain maximum efficiencies.
•Provide monthly reports for owner to monitor results.
Ownership Representation
& Management: Residence Inn Palo Alto
Property
Residence Inn by Marriott
Location
Los Altos/Palo Alto, California
Client
Sand Hill Property Company, LLC
Type of Assignment
Asset management and strategic advisory
- 26 -
Ownership Representation
& Management: Residence Inn Palo Alto
Highlights of Results
•Property has maintained strong NOI margins and growing RevPAR
penetration throughout the economic cycle.
•Property has consistently achieved NOI margins of 44%-50% since HVS’s
involvement.
•NOI increased by 8% during HVS’s first year of involvement, largely
through effective revenue management strategies.
•Property regularly achieves RevPAR index in the 130%-to-140% range.
•Property ranks in the top 6% of customer satisfaction scores among all
578 Residence Inns in North America.
•Property boasts line-level employee turnover of 13%, compared with
65% for the industry.
Property Features
•156-suite hotel
•1,500 square feet of meeting space
•Opened in 2001
•Marriott Platinum Service Award Recipient 2009
•AAA three diamonds
Property
Residence Inn by Marriott
Location
Los Altos/Palo Alto, California
Client
Sand Hill Property Company, LLC
Type of Assignment
Asset management and strategic advisory
- 27 -
Ownership Representation
& Preparation for Sale: Hilton Garden Inn Cupertino
Highlights of Engagement and Results
•Provided comprehensive asset management.
•Generated operating profit margins in the range of 36% to 39%.
•Increased NOI by 27% during first year of involvement, largely through
effective revenue management.
•Oversaw all major decisions involving sales and marketing, property
staffing, major expenditures, and CapEx projects.
•Regularly achieved RevPAR index in the 120%-to-130% range.
•Oversaw a full renovation while implementing a program to minimize
revenue displacement.
•Took a very active role during the sales process, in conjunction with the
selling broker.
•Seller received the highest sales price per room of any Hilton Garden
Inn outside Manhattan ($230,000).
Property Features
•165-room hotel
•1,500 square feet of meeting space
•Opened in 1998
•AAA three diamonds
Property
Hilton Garden Inn
Location
Cupertino, California
Client
Sand Hill Property Company LLC
Type of Assignment
Asset management and strategic advisory
- 28 -
Ownership Representation: Marriott Courtyard
Highlights of Results
• $31-million profit on sale by implementing HVS operational
directives and aggressive Asset Management to control expenses
and increase revenues
• 400 bp increase in Property GOP from 44% in 2008 to 48% in 2010
• 16% profit percentage in Food & Beverage department in 2010
from a 9% loss in 2008
• 108%-116% RevPAR indexes against two comp sets for the rolling
12-month periods
• 10% decrease in variable housekeeping and laundry payroll cost
POR
• 23% reduction in Food Cost from 42% to 34%
Property Features
•204 Rooms
•Three-Meal Restaurant
•High Energy Bar
Property
204 Rooms
Location:
Washington DC
Client
Private Ownership Group
Type of Assignment
Asset Management
- 29 -
Ownership Representation: Carolina Inn
Highlights of Results
• Provided a Branding Analysis and determined that the Hotel
should become an Independent and drop the DoubleTree/Hilton
affiliation
• Conducted a search and selection process for a new operator
• $400,000 in new rooms business added in 2009 due to new
internet marketing initiatives
• 11% decrease in food cost related to recommended menu pricing
adjustments
• $150,000 decrease in Food & Beverage payroll
• $130,000 decrease in management fee expense achieved by hiring
a new operator and negotiating new competitive terms
.
Property Features
•184 Rooms
•13,000 sq. ft. of meeting space
•Four Diamond Rooms Rating
•Four Star Restaurant Rating
Property
184 rooms Rooms
Location:
Chapel Hill, NC
Client
University of North Carolina
Type of Assignment
Asset Management; Management Company
Search, Selection, Negotiation
- 30 -
Operator Selection: Hilton Oceanfront Resort
Highlights of Engagement and Results
•HVS conducted a competitive operator/brand selection process.
•Assisted client in process of selecting a new brand; negotiating PIP
requirements, terms and financing for a desired renovation.
•A new management/branding agreement was negotiated with Omni
Hotels, which included very favorable terms that were closely aligned
with ownership’s priorities.
Property Features
•324-room condo-hotel
•15,000 square-foot convention center
•Four F&B outlets
•Opened in 1985
•AAA four diamonds
Property
Hilton Oceanfront Resort
Location
Hilton Head Island, South Carolina
Client
Atlantic Resort Managers
Type of Assignment
Operator & Franchisor Selection
- 31 -
Highlights of Engagement
•Provided buy-side advice in order for the University to acquire the
hotel, which was independently owned but resided on land owned by
the University. The University’s objective was to control the asset in
order to advance its campus efficiency and growth. To effectuate this
result HVS:
•Evaluated the asset’s operations and developed a more efficient
operating business model that combined the operations of the
hotel with an adjacent conference center.
•Determined the fair market value of the asset.
•Negotiated the purchase & sale agreement in conjunction with
the University’s legal counsel.
•Led the selection process to identify a new management
company for the combined asset.
•Developed the selection criteria for use by the selection
committee and made recommendations regarding the various
companies that participated in the process.
Acquisition Due Diligence
& Operator Selection: University Place Hotel
Property
University Place Hotel & Conference Center
Location
Indianapolis, Indiana (Indiana
University/Purdue University Campus)
Client
Indiana University
Type of Assignment
Asset management, strategic advisory, and
financial analysis
- 32 -
Acquisition Due Diligence
& Operator Selection: University Place Hotel
Highlights of Results
•Client successfully acquired the asset.
•With HVS’s assistance, client selected a competent manager and
negotiated a favorable management agreement.
•Profitability of the property increased after a comprehensive
renovation and integration of a revised business operating model.
Property Features
•278-room hotel
•45,000 square-foot convention center
•Three F&B outlets
•Opened in 1988
•AAA four diamonds
Property
University Place Hotel & Conference Center
Location
Indianapolis, Indiana (Indiana
University/Purdue University Campus)
Client
Indiana University
Type of Assignment
Asset management, strategic advisory, and
financial analysis
- 33 -
Acquisition Due Diligence: Hotel Washington
Property Features
•317-room hotel
•12,000 square feet of meeting space
•Four F&B outlets
•Opened in 1917 (completely renovated in 2009)
•AAA four diamonds
Property
Hotel Washington
Location
Washington, D.C.
Client
Northview Hotel Group LLC/
Westbrook Partners
Type of Assignment
Asset management and due diligence
assistance
Highlights of Engagement
•Within the 30-day closing period, HVS:
•Conducted comprehensive due-diligence.
•Identified operating savings of over $100,000 a year.
•Developed and recommended a buy-and-hold strategy, instead of
the short-term sale envisioned by the client.
•Transitioned all accounting and payroll functions to a stand-alone
system.
•Supported the negotiation of collective bargaining agreement
rollovers with three unions.
•Reviewed employee compensation, training materials, and human
resource practices.
•Property was successfully reopened as the W Washington after a
complete renovation.
- 34 -
Acquisition Due Diligence: The Clift
Highlights of Engagement and Results
•Provided strategic buy-side advice for the acquisition of the leasehold
interest in this trophy boutique hotel:
•Reviewed competitive market and financial performance of
hotel under multiple scenarios.
•Evaluated effect on branding, management, and leases under
various stressed conditions.
•Reviewed sales and marketing plans to identify risks and
opportunities.
•Client successfully acquired asset with “no surprises,” ultimately
exceeding return expectations.
Property Features
•363 hotel rooms
•2,000 square feet of meeting space
•Operated by Morgans Hotel Group
•Asia de Cuba signature restaurant
•Opened in 2001 (originally built in 1913)
Property
The Clift
Location
San Francisco, California
Client
DivcoWest
Type of Assignment
Strategic Advisory
- 35 -
Acquisition Due Diligence &
Interim Management: Semiahmoo Resort
Property Features
•198-room hotel
•36,000 square feet of meeting space, four F&B outlets
•Two 18-hole championship golf courses, 300-slip marina
•Opened in 1987
•AAA four diamonds
Property
Semiahmoo Resort
Location
Blaine, Washington
Client
Trillium Corporation
Type of Assignment
Asset management and financial analysis
Highlights of Engagement and Results
•Conducted extensive due diligence.
•Managed the property on an interim basis post-acquisition while the
management company selection process took place.
•Selected a new third-party manager through a competitive process.
•Negotiated a favorable management agreement.
•Supported the acquisition price through a valuation and market study.
•The selected manager successfully operated the resort throughout the
owner’s investment period.
- 36 -
Corporate Restructure: Halekulani Corporation
Property Features
•Owner/operator of 733 upper-upscale hotel rooms
•625 employees
•$80 million in approximate annual revenue
Client
Halekulani Corporation
Location
Honolulu, Hawaii – Tokyo, Japan
Type of Assignment
Strategic advisory
Highlights of Engagement and Results
•HVS evaluated corporate and property-level operations to generate the
optimal organizational structure for the corporation that holds the
Halekulani and the Waikiki Parc hotels
•Benchmarked organizational structure against those of similar
companies and established best practices.
•Benchmarked salaries throughout the corporation.
•Realized labor savings of nearly $1 million per year through
reorganization.
•Eliminated redundancies, streamlined reporting lines, and integrated
transparency and accountability.
•Conducted a successful search for a new COO, who has remained as
COO several years after our engagement.
- 37 -
Ownership Restructure: Astor Crowne Plaza
Highlights of Engagement and Results
•Recommended the restructuring of the ownership entity after
reviewing the investment objectives of various partners involved.
•Assisted in consolidating ownership through a buy-sell provision.
•Maximized revenue potential through active asset management.
•Made operational improvements after comprehensive evaluation of
the existing manager.
•Generated efficiencies and savings through a comprehensive IT and
telephone systems audit.
Property Features
•707-room hotel complex, encompassing two hotels
• 26,000 square feet of meeting space
• One F&B outlet
• Opened in 2000
• AAA four diamonds
Property
Astor Crowne Plaza and Alexa Hotels
Location
New Orleans, Louisiana
Client
Bourbon Hotel & Royal Boutique Hotel
Operating Company
Type of Assignment
Asset management and strategic advisory
- 38 -
Team Leadership
- 39 -
Mark Lynn President, San Francisco
Experience
Mr. Lynn founded the asset management division of HVS in 1996 and has been involved in the hospitality
industry for more than 30 years; he has participated in the development and management of more than
200 hotel assets with a value exceeding $2.5 billion. He currently serves as president of HVS's Asset
Management & Strategic Advisory practice, based in San Francisco.
Prior to forming the asset management division of HVS, Mr. Lynn was Vice President of Richfield
Hospitality Services and was responsible for the expansion of Richfield’s hotel portfolio throughout the
western region of the United States. During his tenure, he identified and consummated more than 20
hotel transactions. He received the President’s Award for outstanding service to the client and community
in 1993, and in 1994 the San Francisco office was recognized as the top producing development office in
the Richfield system. He also served as asset manager for the Flagship resort in Atlantic City, New Jersey
and the asset was selected as hotel of the year under his leadership in 1991. Prior, he served as Vice
President of Operations for Brilyn,Inc. in Cincinnati, Ohio, and played a pivotal role in the management
and rapid expansion of this privately held hotel development and management organization. During his
tenure the company expanded from 4 to 13 hotel assets and Lynn was responsible for the daily operations
of all hotel assets.
Prior, Lynn was senior vice president of Parkmount Hospitality Corporation based in Dallas, Texas and was
responsible for the management of 15 hotel properties located throughout North America and Hawaii.
Education and Affiliations
Mr. Lynn holds a B.S.B.A. from Xavier University in Cincinnati, Ohio and is a member of HAMA (Hospitality
Asset Managers Association).
- 40 -
Miguel Rivera Senior Vice President, New York
Experience
Mr. Rivera brings with him fourteen years of experience in hotel asset management, transactions,
strategic advisory, financing, and valuation throughout the Americas. He is Senior Vice President of HVS's
Asset Management & Advisory practice, based out of New York City. He works with clients to align their
investment objectives with the operations of their hotels, maximize operational efficiencies, and develop
long term strategies that maximize asset value. Mr. Rivera has worked on nearly $1 billion of hotel
transactions, and valued more than $12 billion worth of real estate. He has assisted clients to finance and
recapitalize luxury development projects, and to obtain cross-border financing for resorts in Mexico and
the Dominican Republic. He has advised institutional clients looking to make strategic investments in the
hotel real estate market. Some of his clients include: Starwood Hotels & Resorts Worldwide, Fairmont
Hotels & Resorts, Colony Capital, Westmont Hospitality, LaSalle Investment Management, and Host
Hotels.
Prior to joining HVS, Mr. Rivera was Senior Vice President at Jones Lang LaSalle Hotels, where he led that
group’s Latin American operations. Before his tenure with Jones Lang LaSalle Hotels, he was an Associate
Director at Standard & Poor’s, where he served as the lead rating analyst for many CMBS transactions
involving assets throughout the US, the Caribbean and Mexico. Previously, he was a Vice President at HVS;
he formed part of the Vancouver and San Francisco HVS offices. He also initiated the firm’s Mexico
business in 1999.
Education and Affiliations
Mr. Rivera holds an M.B.A. from Yale University , a B.S. in Hotel Administration from Cornell University,
and a Diploma in Urban Land Economics from the University of British Columbia.
- 41 -
Contact Information
- 42 -
HVS Asset Management Contact Information
Mark C. Lynn
President – San Francisco
+1 415-268-0357
[email protected]
Miguel Rivera
Senior Vice President
+1 917-617-8694
[email protected]
doc_959669605.pdf