Condominium Hotel, Onna Village
Description: Horwath HTL has been retained since 2012 to provide full operational asset management services to the developer-owners of a condominium hotel located in Okinawa operated under long-term management agreements with a major Japanese domestic operator. Our primary remit was to act as the client’s representative in dealing with the operator, using our specialist and informed understanding of hotel operations to challenge performance, drive revenues and increase profit conversion.
Scope of work: Horwath HTL’s focus has been on working closely with the properties to help them better understand their own businesses through in-depth analysis of both internal and industry benchmark data and on supporting them in developing and implementing clear strategies to drive their respective businesses forward. We have also provided very hands-on assistance including pricing strategy, yield management, and product and service improvement.
Status: The hotel has been performing above the average of comp set and was able to deliver high yield for the condotel owner. Because the success of the first phase development, the owner has built a new wing and sold out all 84-unit inventory before the completion of the hotel. Horwath HTL was able to renew the contract, retained as the asset manager for the condotel.