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Hospitality Law Conference Sponsor - Horwath HTL

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  • 1. Hotel, Tourism and Leisure
  • 2. Helping you succeed with your HTL projects. ■ Hotels ■ Tourism ■ Resorts ■ Brand Expansion ■ Golf Courses ■ Timeshare/Vacation Ownership ■ Restaurants ■ Tourist Attractions ■ Conference Centers ■ Serviced Apartments ■ Convention and Exhibition Centers ■ Cruise Ships ■ Clubs ■ Mixed-Use Development ■ Spas ■ Fractional/Vacation Ownership Hotel, Tourism and Leisure
  • 3. Horwath HTL can assist you in optimizing results in all stages of your project’s life cycle. Horwath HTL Services Planning & Development Asset Management Transactions & Financial ■ Appraisal Reports (Operations) Restructuring ■ Destination and Large-Scale ■ Accountability Review ■ Asset Brokerage Project Master Planning ■ Asset Management Advisory ■ Asset Valuation ■ Facilities Programming ■ Benchmarking ■ Corporate Mergers and ■ Highest and Best Use ■ Best Practice Analysis Acquisition Advisory ■ Hotel Management Company ■ Capital Expenditure ■ Debt and Equity Sourcing Selection and Contract Negotiation Cost/Benefit Analysis ■ Due Diligence ■ Macro Tourism Analysis ■ Litigation Support ■ Insolvency/Receivership ■ Market and Financial ■ Loan Underwriting ■ Investment and Divestment Strategy Feasibility Studies ■ Operational Reviews ■ Loan Work-out ■ Market Entry Strategy ■ Owner Representation ■ Pre-lending Review ■ Product Conceptualization ■ Property Tax Review ■ Strategic Management and Planning ■ Project Capitalization and Financial Structuring ■ Reposition Strategy and Analysis ■ Transaction Management and Closure ■ Residual Land Valuation ■ Strategic Planning ■ Tourism Planning Hotel, Tourism and Leisure
  • 4. Why Horwath HTL? Rich History: Founded in 1915 in New York City Industry Originator: Created the Uniform System of Accounts for Hotels (the industry standard) Focus: Exclusively HTL Specialized Global Network: Currently 50 offices in 30 countries Part of Horwath International with 380 offices in 87 countries Localized Expertise: Extensive office network affords unique local market understanding International Perspective: Group interaction yields global view and world-class solutions Experience: Industry seasoned consultants, real estate brokers, and financial advisors bring unparalleled depth and value to every project Database: Provides historical and detailed tracking of market performances Industry Leader: Recognized around the Globe as the HTL expert for successful projects A World of difference, one solution – Horwath International. 380 offices in 87 countries. Visit www.HorwathHTL.com for a current listing of the Horwath HTL offices worldwide.
  • 5. Hotel, Tourism and Leisure Corporate Office – San Francisco Horwath Hospitality & Leisure LLC 900 Larkspur Landing Circle, Suite 209 Larkspur, CA 94939 415.925.8800 U.S. Brokerage: www.HorwathHL.com Worldwide Consulting: www.HorwathHTL.com Horwath HTL is an organization of a group of member firms of Horwath International Association, a Swiss Verein (Horwath). Each member firm of Horwath is a separate and independent legal entity.
  • 6. DISTRESSED HOTEL AND ASSET MANAGEMENT SERVICES Horwath HTL can provide an array of advisory services to help owners, lenders and attorneys resolve distressed hotel asset problems. The hospitality industry is a very management intensive business that requires specialized skills and diligent oversight, especially during economic downturns. For almost 95 years our Company has assisted clients around the globe with resolving issues related to troubled hotel real estate during difficult economic climates. The current global financial crisis is creating challenges similar to those in past cycles and we are dedicated to helping owners, investors and lenders make challenging decisions and find real world solutions to solving problem related to their property investments. Horwath HTL provides its clients a seasoned team of industry veterans with the expertise to help its clients through this portion of the economic cycle, just as we have done for nearly a century. Our team is well experienced with the specific needs of chief credit officers, special asset department managers or owners who are unable to meet their debt service payments or loan covenants. With long-standing experience in receivership, asset management, valuation and MAI prepared appraisals, strategic and operational consulting, capital improvements oversight, management company and licensor selection, contract negotiation and litigation support, we can deliver value-added services to our clients. RECEIVERSHIP SERVICES Our experienced receivers have the ability to take control of a hotel asset and make sound decisions that will best protect the interests of all concerned parties. Our past work experience includes: Receivership appointments for individual hotels, inns, and resorts as well as hotel portfolios. Provide oversight of existing management company and its day to day operation of the property. If required provide property management via an affiliated entity. ASSET MANAGEMENT SERVICES For owners or lenders who need assistance with property oversight and reevaluation of their hotel specific business model, our team has unsurpassed experience and has functioned as asset managers for individual limited service, extended stay, boutique, full service, resort and conference center properties as well as multi-billion dollar portfolios with as many as sixty five hotels with all major industry brand names including: Four Seasons, Marriott, Hyatt, Hilton, Omni, Holiday Inn, Residence Inn and Hampton Inn to name a few. Many of our asset management assignments involved complex joint venture ownership and creative capital structures. Our hands on asset management style includes: Ongoing asset management including oversight of the management company, periodic sight visits, preparation of monthly management reports, Revenue management audits needed to maximize revenues and enhance profitability, Compliance reviews for loan documents, franchise agreements, supplier contracts, management agreements and leases, Operating budget and marketing/sales plan review and approval,
  • 7. Distressed Hotel and Asset Management Services Page 2 Management and franchise company selection and contract negotiation, Litigation management and strategy, Capital expenditure project review, approval and implementation oversight. VALUATION AND MAI APPRASIALS Most lenders and owners need to know the current value of their hotel in order to make knowledgeable and effective distressed asset decisions. Our appraisal staff can conduct simple asset valuations or fully qualified FIRREA appraisals. Our real estate brokerage division can also complete broker opinions of value. CONSULTING Our staff of consultants who have extensive operational, marketing and revenue management experience can provide a variety of hospitality asset related services to help lenders and owners with their distressed asset decisions. Some of these analyses include: Market demand studies and financial projections Monthly and annual operating cash flow estimates Repositioning strategies and analysis Due diligence reviews and underwriting LITIGATION SUPPORT Horwath HTL has a team of seasoned industry professionals who have operational, marketing, financial, valuation, investment sales and development expertise that can help in all facets of litigation. We have team members who are certified public accountants who can assist with private and public company litigation or audit matters. Our valuation services can be used to support conclusions regarding loan defaults, revenue losses, bankruptcies, refinancing and other ancillary valuation matters. AFFILIATE COMPANY SERVICES Horwath HTL has an affiliate relationship with a number of companies that can provide valuable support services to owners and lenders. Through these affiliate entities, we can provide the following services: Hotel and loan brokerage Hotel property management Asset allocation analysis Audit and financial reporting
  • 8. Receivership & Asset Management Assignments Colorado Minnesota N. Dakota Illinois New York Hilton Hotel South, Denver Radisson South, Minneapolis Dakota Inn, Jamestown Park Hyatt, Chicago Omni Berkshire Place, New York City Millennium Harvest House, Millennium Hotel, Minneapolis Sheraton Walden, Schaumberg UN Plaza Hotel, New York City Boulder Knickerbocker Hotel, Chicago Sheraton, Buffalo Comfort Inn, Vail Washington Howard Johnson, Colonie Quality Inn, Colorado Springs Sheraton, Tacoma Wisconsin Michigan New Hampshire Charter at Beaver Creek, Vail Marriott, Milwaukee Hilton Hotel, Troy Hilton, Merrimack Utah Kansas Indiana Massachusetts Hilton, Salt Lake City Doubletree, Clarion Resort & Marina, Omni Parker House, Boston Comfort Inn, Salt Lake City Overland Park Monroe Bostonian Hotel, Boston Nevada Four Seasons, Boston Bourbon St. Hotel & Casino, New Jersey Las Vegas Marriott, Somerset Mountain View Resort/Conf Center Northern California Ohio Hayes Mansion Conference Marriott, Cleveland Center, San Jose Mariott, Columbus East Marriott, San Francisco Airport Millennium, Cincinnati Hyatt Regency, Burlingame Four Points, Cincinnati Biltmore Hotel, Santa Clara Aurora Inn, Aurora Westin Hotel & Convention Center, Santa Clara Westin, Columbus Four Points, San Rafael Residence Inn, Columbus The Donatello Hotel, San Francisco Washington, D.C. Holiday Inn, San Rafael Park Terrace Hotel Hilton, Sunnyvale Missouri Clarion, Sacramento Millennium, St. Louis Residence Inn, Sacramento Doubletree, St. Louis Rocklin Park Hotel & Spa, Rocklin Tennessee Industrial Building, Petaluma Millennium Maxwell House, Nashville Southern California Arizona Arkansas Alabama Residence Inn, Nashville Loews Coronado Bay Hotel, San Diego El Conquistador, Tucson Residence Inn, Little Rock Marriott, Pt. Clear Marriott, Nashville Biltmore Hotel & Office Tower, Los Angeles Park Inn, Tucson Hampton, Little Rock Marriott, Huntsville Days Inn, Nashville Doubletree Hotel & Marina, San Pedro Quality Inn, Phoenix Hampton, Birmingham North Carolina Marriott, Los Angeles McCormick Ranch Resort, Scottsdale New Mexico Marriott Crabtree Valley, Raleigh Marriott, Long Beach Renaissance, Mesa El Dorado Resort, Santa Fe Florida Hyatt Regency, Winston-Salem Embassy Suites, Buena Park Sheraton, Tempe Hampton, Albuquerque Sheraton, Key Largo Sheraton, Durham Holiday Inn, Buena Park Plaza Hotel, Tucson Bonaventure Resort and Spa, Foxfire Resort, Pinehurst Quality Inn & Suites, Lompoc Embassy, Phoenix Ft. Lauderdale Ramada, Fayetteville Marriott, Ontario Embassy, Tempe Inverray Resort, Ft. Lauderdale Radisson, La Jolla Marriott Sawgrass, Ponte Vedra South Carolina Residence Inn, Ontario Hilton Hotel, St. Petersburg Hilton, Greenville Holiday Inn Express, Rancho Cucamonga Texas The Mutiny Hotel, Miami Georgia Ramada, Indian Wells Hyatt Regency, Austin Marriott West Shore, Tampa Hyatt Regency Ravinia, Atlanta Ramada Suites, Santa Maria Mariott Quorum, Dallas Hilton Garden Inn, Tampa North Country Inn & Suites, Atlanta Sheraton LAX, Los Angeles Four Seasons, San Antonio Radisson River House, Miami Hampton Inn, Atlanta All Star Inns Portfolio (5 Hotels) Four Seasons, Houston Park Inn & Suites, Bradenton Holiday Inn, Albany Best Western Portfolio (5Hotels) Marriott Riverwalk, San Antonio Sheraton, Kissimmee Holiday Inn, Brunswick Days Inns Portfolio (10 Hotels) Hilton Hotel Dallas Parkway, Dallas Residence Inn, Altamonte Springs Motel 6 (10 Hotels) Park Central Marriott, Dallas Sheraton, New Port Richey Ramada Inn, Temecula Sheraton Park Central, Dallas Hilton, Gainesville Clarion, Ft. Worth Hilton, St. Petersburg Radisson Crest, Austin Hampton Inn, Dallas Sheraton Mockingbird, Dallas Marriott Park Central, Dallas Hawaii Holiday Inn, Dallas The Ilikai, Waikiki Outrigger Ala Wai Tower, Waikiki Seaside Suites, Waikiki Tradewinds, Waikiki Ala Wai Gateway, Waikiki Marriott Resort, Kona Coast Outrigger Waikiki, Honolulu Outrigger Reef, Honolulu Outrigger East, Honolulu www.HorwathHTL.com
  • 9. HOTEL BROKERAGE SERVICES Our brokerage practice philosophy is very basic and to the point. In order for a transaction to be completed “the deal” has to be fair for all concerned parties. Both seller and buyer have to walk away from the negotiating table believing they won. Our fiduciary responsible of course is to our client but the real art of negotiation produces two winners and no losers in any transaction. BASIS OF OUR BROKERACE PRACTICE Our associates were trained in the hotel industry and then transitioned to real estate brokerage. We become intimately familiar with the listed hotel asset. We develop complete and thorough offering memorandums. We conduct all property tours in person. We relay current market conditions to our clients in an effort to inform and not persuade. All of our associates work as one team and all are fully knowledgeable of all details of each assignment undertaken. We have a national network of brokerage offices that work in a cooperative effort on each transaction. BROKERAGE MARKETING METHODS Direct mail Trade shows Internet listings Shared database Utilize international offices to identify foreign buyers Share information among divisions to support cross selling both domestically and worldwide
  • 10. Completed Full Service Hotel Transactions – Partial List Minnesota N. Dakota New York Millennium Hotel, Minneapolis Dakota Inn, Jamestown UN Plaza Hotel, New York Colorado Hilton Airport, Minneapolis Four Seasons, New York Millennium, Boulder Holiday Inn Central, Bloomington Illinois Four Points, Buffalo Millennium Knickerbocker, Chicago Utah Michigan Connecticut Sheraton, Salt Lake City Hotel St. Regis, Detroit Wisconsin Radisson, Enfield Holiday Inn, Salt Lake City Sheraton Inn, Detroit Holiday Inn Centre City, Green Bay Iowa Holiday Inn, Hurley Massachusetts Northern California Holiday Inn, Des Moines Bostonian Hotel, Boston InterContinental Hotel, Holiday Inn, Muscatine San Francisco New Jersey Hilton, Sacramento Sheraton Hotel, Newark Radisson Airport, San Jose Orchard Garden Inn (land), SF Indiana Hotel Valencia (land), San Jose Clarion Hotel & Marina, Clarion, Sacramento Bloomington Holiday Inn, San Rafael Ohio Millennium, Cincinnati Southern California Aurora Inn, Aurora Four Points by Sheraton, San Diego Biltmore Hotel & Office Tower, LA Tennessee Radisson LAX, Los Angeles Regal Maxwell House, Nashville Marriott Hotel, Ontario Holiday Inn, Thousand Oaks Missouri Best Western, Long Beach Park Place Hotel, Kansas City Sheraton Mission Valley, San Diego Quality Inn, St. Charles Radisson, La Jolla Doubletree, St. Louis Arizona Arkansas Millennium, St. Louis McCormick Ranch Resort, Scottsdale Holiday Inn, Alabama Radisson Hotel, Scottsdale Arkadelphia Holiday Inn, North Carolina Homewood Sheraton, Durham Texas Radisson, Dallas Louisiana Georgia Wyndham, San Antonio Mississippi Holiday Inn, Metarie Georgian Terrace, Atlanta Hawaii Holiday Inn, Dallas Holiday Inn, Gulfport Marriott Wailea Resort, Maui Clarion, Ft. Worth Holiday Inn Airport, Gulfport Florida Parkside Hotel, Waikiki Radisson, Austin Hilton Garden Inn, Tampa North Doubletree Alana, Waikiki Holiday Inn Lubbock South, Lubbock Four Points, Kissimmee Outrigger Luana, Waikiki Holiday Inn, Pecos Inn on the Beach, Daytona Beach Crowne Plaza, San Antonio Holiday Inn, Plantation Holiday Inn, Jacksonville Dominican Republic Canoa Coral Resort, Dominican Republic Hamaca Coral Resort, Dominican Republic Marien Coral Resort, Dominican Republic www.HorwathHL.com
  • 11. Completed Limited Service Hotel Transactions – Partial List Colorado Illinois Michigan Comfort Inn, Avon Ramada Hotel, Oakbrook Terrace Hampton Inn, New York Quality Inn, Colorado Springs (Chicago) Sault Ste. Marie Best Value Inn, Buffalo Hampton Inn, Colorado Springs Best Western, Schaumberg Holiday Inn Express, Western Inn, Denver Ramada Inn, Bloomington Poughkeepsie Candlewood Suites, Rockford Ohio Massachusetts Utah Indiana Pine Lake Club Days Inn, Burlington Microtel, Salt Lake City Days Inn, Sellersburg Comfort Inn, Salt Lake City New Jersey Best Western, Delta Best Western, Piscataway Maryland Northern California Ramada Hotel, Annapolis Holiday Inn Express, Corning AmeriSuites, Dublin Kentucky Cartwright Hotel, San Francisco Best Western, Lexington Roadway Inn, South Lake Tahoe Holiday Inn Express, Tracy Tennessee Holiday Inn Express, Sacramento Residence Inn, Nashville Quality Suites, Millbrae Days Inn, Nashville Continental Inn, Nashville Southern California Missouri Anaheim Lodge, Anaheim Hampton Inn, St. Louis Holiday Inn Express, Century City Independent, Kansas City Ramada Inn, Santa Ana Comfort Inn & Suites, Anaheim Arizona North Carolina Radisson CI & S, Ontario Best Western, Green Valley Sleep Inn, Yadkinville Desert Inn, Lancaster Comfort Inn, Phoenix Mississippi Saddleback Inn, Norwalk Howard Johnson, Tucson Biloxi Beach Resort, Biloxi Georgia Days Inn, Banning Travelodge Metro Center, Phoenix Holiday Inn Express, Gulfport Holiday Inn Express, Baxley Hampton, Arcadia Park Inn, Phoenix Holiday Inn Express, Biloxi Comfort Inn, Atlanta Econolodge, National City Motel 6, Phoenix Microtel Inn & Suites, Meridian Residence Inn Perimeter, Atlanta Days Inn, Barstow Independent, Phoenix Hampton Inn (Northlake), Atlanta Fairfield Inn, Ontario Alabama Best Western, Savannah Best Western, Blythe Best Western, Montgomery Economy Inn, Blythe Texas Ramada Inn, Madison Florida Hampton Inn, Anaheim Hampton Inn, (Addison) Dallas Residence Inn, Altamonte Springs Travelodge, Buena Park Days Inn, Irving Park Inn, Bradenton Best Western, Ontario Tradewinds Motor Hotel, Wichita Falls Wynfield Inn, Kissimmee Holiday Inn Express, Hillsboro Wynfield Inn, Orlando Ramada Inn Midtown, Ft. Worth Independent, Miami Beach Holiday Inn Express, Abilene Independent, Miami Beach TownPlace Suites, Plano Hawaii Seaside Suites, Waikiki Ala Wai Terrace, Waikiki www.HorwathHL.com
  • 12. PROJECT MANAGEMENT/DEVELOPMENT SERVICES We have experienced project managers capable of assuming oversight duties of any hospitality project at any phase in the development cycle. This includes ground-up developments as well as the implementation of product improvement plans (PIP’s) where the developer or owner has abandoned the project and left the lender with incomplete properties. PROJECT MANAGEMENT CONTROLS Development completion or PIP renovation program Oversight of the following: GC and sub-contractors Architectural and engineering team Interior design team Purchasing agent FF&E installation Approval of all necessary change-orders Approval of project draws Provide value engineering with an eye towards hospitality design Selection of a brand and management company Ensure that the project is completed on time and within budget Asset management of completed project.
  • 13. Client Representation – Partial Listing Hotel Companies Financial Institutions (continue) American Property Management Hong Kong Shanghai Bank Canyon Country Hospitality Imperial Bank CDL Hotels International Industrial Bank of Japan Chesapeake Hotels John Hancock Life Insurance Corporacion Turistica Coral Midland Bank Drake Leddy Companies Mitsui Bank and Trust Destination Hotels & Resorts Mutual of New York Hilton Hotels Corporation ORIX InterContinental Hotel Group PNC Bank Kimpton Hotels & Restaurants Prudential Insurance Kor Hotel Group Rockbridge Capital Millennium & Copthorne PLC Saehan Bank Omni Hotels Temecula Valley Bank Outrigger Hotels & Resorts TIG Insurance Pacifica Hospitality US Bancorp Pacifica Hotels Union Federal Bank Park Lane Hotels Wells Fargo Bank Prime Hospitality Corporation Zurich Insurance Regal Hotels International Richfield Hospitality Services Starwood Hotels & Resorts Owner/Development Companies Wyndham International Amstar Group Financial Institutions Big Rock Partners California Mortgage & Realty, Inc. Aetna Realty Investors,Inc. City of Austin, Texas Anglo Irish Bank City of Garden Grove, CA Bank Midwest City of San Jose, CA Bank of America City of Sacramento, CA Bank of the Redwoods Continental Development Bank of Egypt County of Los Angeles, CA California Federal Bank Columbus Properties California Mortgage & Realty, Inc. Five Mile Capital Canyon Capital Realty Advisors Gulf Shores, Inc. City Bank Hawaii Hawaiiana Group Connecticut General Life Insurance Hines Development Essex Trust Interstate Hotels Federal Deposit Insurance Corp. Jackson Hole Resort Corporation GE Capital John Hancock Insurance Glendale Federal Bank Kawasaki Enterprises, Inc. GMAC Keck Seng Group Grand Pacific Financial Corp. LNR Properties Grupo BHD Morgan Stanley Real Estate Fund Hall Financial Group Metropolitan Life Insurance Hibernia Bank The Opus Group http://www.HorwathHTL.com