The Patrick Partnership, Cape Town
Office: Horwath HTL South Africa
Scope of work:
Management Agreement Review
Description of project:
At the Landlord’s request, Horwath HTL (South Africa) undertook a review of the Tenant’s accounting procedures in order to verify turnover certificates provided by the Tenant for the purposes of turnover rental calculations were an accurate reflection of revenue derived from the hotel’s operations.
In the arbitration case brought against the Tenant, Horwath HTL (South Africa) fulfilled the role of primary expert witness in the Landlord’s defence. This required us to work closely with the Landlord’s legal team as well as Senior Council in support of the preparations prior to and during the arbitration hearings.
On behalf of the Landlord, who assumed control of the hotel business, Horwath HTL (South Africa) was appointed to undertake a review of the management agreement presented by the prospective hotel operator as amended by the Owner’s legal team. The review process included a review of the budget prepared and submitted by the prospective hotel operator and provide comment thereon in support of the Owner’s application for funds to redevelop and ultimately reposition the property.