Pacific Northwest Five Hotel Portfolio
Property Type: Hotel Portfolio
Location: Oregon, Idaho, Washington
Number of rooms: 458
Product: 5 hotels
NOI Increase: 11%
Value Created: Increased the value/selling price of the properties which benefited both the debtor and the lender
Trigild was appointed receiver for five hotels in the Pacific Northwest. Located in Washington, Oregon and Idaho. The hotels’ reputations suffered in their respective markets due to outdated FF&E and poor management.
- Due to the nature of a receivership, Trigild needed to make due with tired public areas and guestrooms.
- Poor communication and interaction between on-site management, corporate leadership and ownership
- Outstanding accounts payable balances with vendors caused disruptions in delivery of goods and services, which had a negative impact on guest experience and delayed hotel bookings.
- Inefficient hotel operations, resulted in unhappy staff and poor guest satisfaction.
- Problems with an outdated Property Management System used at each property contributed to inaccurate reporting and accounting.
Trigild’s hospitality team performed a detailed analysis of each asset and undertook the following:
- Increased cleanliness and maintenance standards
- Identified areas requiring more leadership and hired a Regional Operations Manager to oversee communications and staffing
- Reviewed and analyzed the market and implemented a sales strategy customized for each hotel
- Established Online Travel Agency accounts to broaden market reach and drive sales
- Developed new vendor relationships to overcome poor/no credit and limitations with prior vendors and achieved more favorable pricing
- Implemented a new Property Management System to ensure operational efficiency and reporting accuracy.
- Increased Portfolio ADR by more than 10% and RevPAR by $7. This produced an increase in the portfolio NOI by more than 11% in spite of no funds for badly needed capital improvements.
- Higher guest satisfaction scores