Improving Overall Performance
Park Place Hospitality Group has the unique ability to evaluate, stabilize and secure the hotel asset reaching receivership status. Whether working with the lender, the courts, the brands, or the staff, we move quickly to analyze and put policies and procedures in place to begin the turn around process. Depending on the needs of the hotel assets, we can provide feasibility studies, branding, and systems to improve and protect the assets. This could include revenue management, re-negotiation of contracts, discounted vendor purchasing programs, financial, renovation, and property insurance.
Our goal is to partner with the lender for improved financial and staff performance. We offer full disclosure hotel accounting that delivers monthly P&Ls with a content analysis delivered by a member of our staff.
Consider partnering with Park Place Hospitality Group when you need the services of a hotel management company with a proven track record in turnaround of troubled or distressed hotels.
Takeover
Our Take over Team will move quickly to be on-site for the transition. We will secure funds and take steps to protect the financial and physical assets. A property evaluation will be done inside and out to determine compliance with brand and safety requirements to eliminate any potential liability for the lender.
Finance & Accounting
Our Corporate Financial Team will perform financial and accounting reviews. Systems and procedures will be installed to protect and secure the asset. Opportunities for cost savings will be reviewed and implemented where needed.
Operations
We deliver day-to-day “hands-on” operational support that includes a Sales & Marketing Plan to enhance the bottom line. Each department will be trained on Standard Operating Procedures in compliance with brand and Park Place Hospitality Group standards.
Human Resources
Our Human Resources Manager will meet with all current staff members to evaluate their suitability to perform job requirements. Current staff will complete an Application for Employment, receive a background check and if our evaluation determines they are a match for the position will be rehired within the Salary Guidelines for competitive pay. Re-hires will complete the I-9, receive a job description, Performance Planning Document and an Employee Handbook.
Summary
Our priority is to move the hotel successfully out of the troubled asset department and into the hands of a capable buyer.
