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BACKGROUND TEXTURE


Business Model

Project feasibility

  • Identification of opportunities (i.e. client brings a site)
  • Market study (3rd party such as HVS, Horwath, Jones Lang, etc.)

    Areas program, massing study (in-house)
  • Cost estimating (in-house or 3rd party),
  • Preliminary hotel proforma, business model (in-house)
  • Legal due diligence (3rd party)
  • Technical due diligence (in-house)
  • LOI from hotel operators (in-house)
  • LOI equity & debt (in-house)
  • CONCLUSION: FEASIBLE OR NOT

Project Planning

  • Concept design & cost re-estimating (in-house)
  • Project’s baseline schedule (in-house)
  • Bidding of Operators and management or franchise contract negotiation (in-house or 3rd party)
  • Firm up equity and debt (in-house)
  • Hotel proforma from selected Operator, final business plan (in-house)

Project Development

  • Project detailed schedule (in-house)
  • Selection of consultants incl. Project Management company (in-house).

    Design development and coordination at all stages (schematic, DD, Construction docs) (in-house + PM)
  • Construction licenses (in-house + PM)
  • Cross-check design & cost at all stages (in-house + PM)
  • Establish contracting strategy (in-house)
  • Select contractors, competitive bids (in-house + PM)
  • Coordination of contractors (PM)
  • Bidding, Procurement and installation of FF&E and OS&E (in-house or 3rd party)
  • Cost monitoring and management (PM)
  • Construction quality supervision (PM)
  • Manage relationship with owner, Operator, equity and debt partners (in-house)

Project completion

  • Project snagging and acceptante (in house + PM)
  • Operating licenses (in-house + PM)
  • Guarantees, Warranties and operating manuals, training (PM)
  • Handover to Operator; sign off (in-house + PM)
  • After-Opening support (in-house + PM)
  • Wrap-up financials for development (in house)
  • Asset management while in operation (optional)