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Ernst & Young unveils practice to maximize lodging investments.

Ernst & Young's Hospitality Services Group, the largest and most comprehensive lodging advisory practice in the US, announced the formation of a dedicated operational enhancement service to help institutional owners and operators to improve operating efficiency and generate higher profits. M. Chase Burritt, National Director of the Hospitality Services Group, made the announcement.

The new practice, the Hospitality Operational Enhancement Service, offers owners and operators the ability to assess and identify improvements; implement and monitor these improvements; increase profits from streamlined operations; maximize value potential while minimizing overall risk; and build greater confidence in asset performance.

"The lodging industry recently generated over $72 billion in rooms revenue and $24 billion in profit," said Chase Burritt. "Compounded with new hotel development striving for financial and market success, hospitality owners and operators are driven to focus internally on their assets to generate higher returns."

When Seaside Community Development Corporation recently needed assistance in the creation of a strategic lodging development and operating assessment program of a 270-unit cottage rental property in the destination town of Seaside, Fla. (home of "The Truman Show"), they turned to Ernst & Young's Hospitality Services Group. Key tasks of the operational enhancement analysis included reviewing all operating departments, marketing, revenue optimization, yield management, cost controls and the appropriateness/effectiveness of policies and procedures.

"We delivered a comprehensive strategic plan to help clients guide the future of the lodging operation, which identified significant near term cash flow improvements, executive staffing evaluations, and long-term profitability enhancement," explained Mr. Burrit. Ernst & Young's Hospitality Services Group assisted Seaside in managing the implementation of the improvement plan and provided strategic asset management for the development as a whole.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 25, 2001
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