Corporate Strategy and Operational Advisory for Maistra, Croatia
Office: Horwath HTL Croatia
Project overview: The Maistra company has a real estate portfolio that consists of 24 properties. They have 9 hotels including Leading Hotels of the World and Design Hotels properties, 8 resorts and 7 camps accounting for 7,600 keys altogether located in Istria and Dubrovnik in Croatia.
The client was looking for advice on restructuring one of the leading hospitality companies in Croatia into an even more streamlined and results oriented company. The goal was to increase ROI and achieve international competitiveness.
Horwath HTL solution : We supported Maistra in strategic development advisory combined with a strategic business plan over a 4-year period. We worked on a solution that would transform the organization at the same time as building up the management capacity.
We have worked with the executive team on the principles of Change Management during the build-up and implementation of a new corporate culture. This meant giving operational support to senior management, focusing on quality standards, GOP improvement and an increase of ROI.
We provided asset management reports to the owner with recommendations for operational and sales improvements as well as project planning and development advisory.
Investments strategy work stream has been focusing on development on new diversified hotel and camping products.
Implementation : Since 2011, there have been significant improvements in operating performances, quality standards. Over the period, Maistra has increased its revenues by more than 30% and EBITDA by more than 60%.
The organisation has been streamlined and a ‘Management academy of Maistra’ implemented to improve the management capacity and reinforce the new corporate culture that has been developed.
Diversified hotel and camping products have been developed and big part of portfolio repositioned.