Financial Management

COMPARISON CHECKLIST

SUCCESS CRITERIA CHARACTERISTICS S.H.W.
ORGANIZATIONAL STABILITY Proven track record (25 years industry experience)
Hospitality Management
Business Development/Marketing
Hotel/Motel Sales, Investment,
Syndication





EXPERTISE Distressed Property Turnaround
Food and Beverage
Expert Witness/Consulting



H.A.S. STAFF Management Department
Marketing Department
Maintenance Department
Accounting Department
Brokerage/Investment Department





ETHICAL STANDARDS Proven investor fiduciary relationships
ORGANIZATIONAL STRUCTURE Medium-sized firm, pro-active approach, domestic/international experience
CENTRALIZED PURCHASING Cost control, quantity discounts commercial discounts
PROPERTY ANALYSIS Provide owner with strategic marketing and operational plan
INSURANCE Errors and Omissions
General Liability
Fidelity Bond
Workers Compensation




FINANCIAL REPORTING Computerized financial reporting using the industry standard Uniform System of Accounts for Hotels

FINANCIAL MANAGEMENT SERVICES

  • Individual operating and trust accounts will be established in the name of the property
  • Maintain financial books and records on behalf of property. Computerized financial and reconciled bank statements issued on monthly basis.
  • Preparation and adjustments of property's annual budget.
  • Accounts payable service will be provided, including payment of all property bills, taxes, insurance etc.
  • Assist and coordinate with an independent accounting firm for monthly and annual audits.
  • Prepare monthly owner reports to include:
    • Average Daily Rate
    • Occupancy Report
    • Food and Beverage deposit report (when applicable)
    • Weekly Activity Report
    • Quarterly Market Study
    • Budget Review and Forecast
    • Budget Analysis