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Asset ManagementThe role of an asset manager is to be an owner's representative, a trusted advisor who effectively communicates ownership's objectives and concerns to a hotel management company and makes sure that the operator does what is necessary to achieve those objectives. The asset manager continually monitors the subject property on behalf of ownership to evaluate operator contract compliance and to assess emerging opportunities for improving property performance. In addition, banks/lenders, equity investment funds, lawyers and the courts, among others, often engage asset managers to assist with workouts, reorganizations and other activities involving distressed hospitality assets and asset portfolios in foreclosure, bankruptcy and receivership.
The goal of asset management is to advise a client on the market, operations and financial management of a hotel or resort to help maintain or improve its value. The client might be the owner of the property, a lender or other interested party. We work for the client by seeking opportunities to maximize cash flow while maintaining or improving the market position and physical attributes of a hotel or resort and monitoring the on-site property manager (individual or management company) on a regular basis for operating performance and maintenance of this valuable asset.
The Ascona Group recognizes that property owners need assistance in navigating branded management companies. As an asset manager, our role is to ensure that ownership's objectives and goals receive first priority. To achieve this we act as the owner's agent, working directly with the management company to provide oversight on all facets of property operation. This can include:
Annual operating budget review Monthly income statement and balance sheet review Evaluating operational effectiveness and concept viability Reviewing market penetration and competitive set metrics Evaluating sales and marketing strategies and tactics Capital improvement recommendation and budget review Asset protection and risk management evaluation
Asset Management arrangements can provide peace of mind to ownership. They can also improve RevPAR and market penetration, increase property valuation, enhance customer service, and improve team member retention.
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