Park Hyatt and Andaz Taipei

Description of the Project

The client planned to build a super high-rise complex, Taipei Sky Tower, with two luxury Hotels, a modern theatre and experiential retail concepts in Xinyi District, Taipei, China. Anticipated to be one of the new landmarks in Asia and the second-tallest building in Taipei, the 56-floor Taipei Sky Tower is designed by Italian architect Antonio Citterio. The Project is a dual-brand development.

Scope of Work

Working alongside with the client’s legal counsel, Horwath HTL assisted the client in the management company selection process and helped review and facilitated negotiation of commercial terms in MOU and management contracts for both Hotels.

Rugby World Cup

Project Overview: Horwath HTL was commissioned to prepare a high level pre-event economic impact estimate to demonstrate the potential incremental expenditure in the Auckland Region and New Zealand which would be attributable to hosting the Rugby World Cup 2011 (RWC).

Scope of Work: Horwath HTL developed estimates of activity levels (numbers of visitors, average length of stay, average daily spend) for team members, international and domestic supporters, and associated media in the Auckland Region.

We developed an indicative tournament schedule for Auckland matches and estimates of average visitor attendance (international and domestic) at RWC matches, estimates of expenditure in the Auckland Region by Rugby NZ 2011, assessed potential displacement of regular visitor activity due to a shortage of commercial visitor accommodation during the final two weekends of RWC.

Consideration of expenditure outflows resulting from Aucklanders purchasing match tickets and travelling to attend matches elsewhere in New Zealand, consideration of retained expenditure associated with reduced overseas travel by Aucklanders due to attendance at RWC matches in New Zealand.

We utilised our economic impact model to identify incremental expenditure for Auckland as a result of the above activity and assess the indicative contribution to GDP.

Horwath summarised the work undertaken and presented the economic impact estimates in a form that could readily be used by the client as part of discussions with key stakeholders.

Project Status: New Zealand won the Rugby World Cup!

Contact for project: Stephen Hamilton

SkyCity Horizon Hotel

Project Overview: Horwath HTL was engaged by SkyCity to prepare market demand including business case and revenue projections for a proposed new 5-star hotel.

Scope of Work: In addition to the Sky Tower, the existing SkyCity complex includes a 700-seat theatre, a convention centre, 12 bars and restaurants, two hotels and casino. The new hotel will comprise 302 rooms over 11 floors, be connected to the New Zealand International Convention Centre by a sky bridge and to the existing SkyCity complex by a second sky bridge. The hotel will include a restaurant and bar as well as a gymnasium.

Horwath HTL Solution: Horwath HTL’s hotel market and revenue projections assisted SkyCity in its decision to invest in the hotel.

Project Status: Work is underway, the Horizon hotel is expected to open in 2021.

Contact for project: Stephen Hamilton

Wellington Convention Centre

Project Overview: Wellington City Council commissioned Horwath HTL to prepare indicative operating and financial projections for the proposed Wellington Convention Centre development.

Scope of Work: Council was considering three alternative project schemes on two parcels of land:

  • single level convention centre (top floor only of multi-storey development)
  • single level convention centre (ground floor, single purpose development)
  • two level convention centre (ground and second floor of a split development scheme)

Council was also considering options for the management of the venue.

Horwath HTL Solution: Independent market analysis, event projections and financial operation projections.

Project Status: The convention centre development is under construction and will be completed mid-2023.

Contact for project: Stephen Hamilton

Hotel Lease Expert Witness Representation

Project Overview: Owners of this strata-titled serviced apartment hotel were seeking expert witness representation in relation to the alleged underperformance of the hotel’s lessee which affected the financial returns to the owners.

Scope of Work: Horwath HTL assisted the barrister representing the claimant/owners by:

  • reviewing and commenting on affidavits from all parties concerned
  • conducting market research and supplying market insights
  • assessing the lessee’s performance based on available evidence, market knowledge and operational expertise
  • providing an affidavit under the rules of the High Court with an independent expert assessment of the arguments from both parties.

Project Outcome: Based on the arguments put forward, the lessee was ordered to implement several business improvements that would enhance the accountability to the owners and financial returns. Failure to implement these improvements would strengthen the owners’ position to terminate the lease.

Contact for project: Wim Ruepert

Operational Due Diligence for Fund Manager

Project Overview: Assist an overseas listed real estate funds manager and developer with the due diligence on a 200+ room hotel managed by an international operator.

Scope of Work: Horwath HTL was engaged to:

  • prepare an independent review and assessment of the operational aspects of a hotel
  • including market and financial performance, products and facilities, human resources, existing contracts, etc
  • assess the implications of the existing hotel management as they may relate to the fund’s future ownership review and assess the likely requirement for operational CAPEX in the immediate future advise and comment on potential value enhancing improvements.

Outcomes: Horwath HTL found a range of value enhancing opportunities, including operational improvements variations to assumed capital requirements and further enhancements to the preliminary development scope.

The fund subsequently acquired the hotel and, with the assistance of the existing operator embarked on a major improvement program.

Contact for Project: Wim Ruepert

Hamilton Airport Hotel & Conference Centre

Project Overview: To assist Waikato Regional Airport Limited with the development and execution of a long-term strategy for the company’s land holding with a Hotel and Conference Centre.

Scope of Work: Horwath HTL was engaged to:

  • inform WRAL of the issues and options in relation to the hotel’s ownership, competitive market position and future trading, following the end of the existing lease
  • give advice about the future operating structure and best market positioning of the hotel
  • conduct a search and selection process for a hotel operator and brand
  • lead the contract negotiations on behalf of the owners
  • advise on an upgrade strategy for the facilities
  • assist with the asset management of the hotel during the repositioning, rebranding and ongoing operation

Horwath HTL Solution: Supported by our analysis and advice, WRAL have acquired full ownership of the hotel business and real estate.  The hotel has been repositioned from a below average three-star accommodation facility to a recognised four-star branded hotel with quality facilities and management. The hotel now supports and runs alongside the airport facilities, creating operating synergies and a greatly improved operating performance.

Project Status: Completed

Contact for Project: Wim Ruepert

Māori Battalion Museum Business Case

Project Overview: Horwath HTL was engaged by the Waitangi National Trust to prepare a Business Case for the Māori Battalion Museum development on the Waitangi Treaty Grounds at a standard that meets national government requirements.

Scope of Work: The Business Case includes the following content:

  • Strategic Case (investment objectives, key strategic risks, high level objectives alignment)
  • Economic Evaluation (cost benefit analysis, including any benefits for regions other than the applicant)
  • Project Plan (procurement process, key project requirements to be used in the procurement, project timeline, key project risks)
  • Operational Budget (including capital expenditure and operating expenditure, any secured co-funding, capital and operational funding required, and any funding shortfall)
  • Management Plan (project management process, governance and management of the project, and ownership / management of the Museum / Trust Board)

Project Outcome: Within two years after submission of the business case, Te Rau Aroha, a new museum honouring Māori who fought in conflicts in New Zealand and overseas, opened in February 2020 at a cost $14.6 million.

Contact for Project: Stephen Hamilton

Resort Repositioning

Project Overview: Horwath HTL was selected by the overseas owners of a resort to assist them with the development and execution of a performance improvement plan.

Scope of Work: 

  • Business operations review with recommended actions for improvements in areas such as:
    • strategic business planning
    • sales, marketing & revenue management
    • customer experience
    • market / competitive performance
    • property operations and maintenance
    • organisational structure
    • financial performance and budgeting
    • capital expenditure planning
  • Resort repositioning and capital planning
  • Operator search and selection

Project Outcome: In progress.

Contact for Project: Wim Ruepert

Lifestyle Hotel Brand Expansion Advisory and Market Study, IHG

Description: Horwath HTL was engaged by IHG to support their market entry of its lifestyle brand to Japan.
Scope of work: Our work scope or this project included research on millennial-targeted lifestyle markets in Japan as well as search on existing boutique hotel market in major Japanese cities.
Status: The project was completed on time.

Feasibility and Operator Evaluation, Oakwood Premier

Description: Horwath HTL was engaged by Tekko Building Co. to evaluate best and highest use of the floor area of the client’s project right in front of Tokyo station, one of the busiest train stations in the world.
Scope of work: Horwath’s focus was on evaluating competitive landscape for the surrounding luxury lodging market, and we concluded that the project will be highly feasible as a high-end serviced apartment ideally with a hotel license being able to accommodate nightly guests.
Status: The subject property was opened as Oakwood Premier Tokyo in December 2015 and now caters to both business and leisure demands for the capital city of Japan.

Feasibility and Operator Evaluation, Luxury Resort in Niseko

Description: Horwath HTL was retained by a Hong Kong property to undertake a feasibility study for a resort development project in Hanazono resort, Niseko including hotel and condotel components.
Scope of work: Horwath HTL’s work scope included to provide opinion of value of proposed resort including residential portion. We undertook analyses of the local hotel market, hotel condominium market study in Asia pacific area, the proposed location of the property, reviewed the site as well as the master plans, and produced prospective financials for the proposed hotel and condominium components.
Status: This project is scheduled to open in 2019 as a globally-known luxury branded resort.

Feasibility and Operator Evaluation, Hyatt Centric/Hyatt House

Description: Horwath HTL was retained by Orix Corporation to undertake a feasibility study for a mixed-use development project including hotel and service apartment components in Kanazawa, Ishikawa. This is a call-for-bid public work offered by the Kanazawa city.
Scope of work: Horwath HTL provided an understanding of the key parameters affecting the positioning of the future project and its anticipated financial performance. In preparing this study our team undertook analyses of the local hotel market, hotel branded service apartment market across multiple cities in Japan. As per Horwath HTLʼs commissioned report, the owner selected Hyatt for the operating company to manage the two proposed hotels in the subject project.
Status: Our Market and Feasibility Study was used as professional review for the developer and the developer was the winning bidder for the project. The two hotels are scheduled to open in 2020 as dual-branded properties of Hyatt Centric and Hyatt House.

Property Due Diligence, Kiroro Resort

Description: Horwath HTL was engaged as an independent consultant for Thai Properties to conduct market research and analyses needed to provide estimates of the future.
operating performance and cash flows and the economic value of Kiroro Resort.
Scope of work: Horwath’s projection is based on that the two hotels within the resort would be operated and rebranded to Marriottʼs top-tier brands. We have conducted market research, management interviews, competitive analysis, and benchmark study for the value generated by international branded hotel.
Status: The project was completed on time. The two hotels are now in operation under Marriott’s two major brands – Sheraton and Tribute Portfolio.

Property Due Diligence and Operator Selection, Hilton Niseko Village

Description: Horwath HTL was retained by Citi Group to conduct a thorough due diligence of Higashiyama Prince Hotel in Niseko, Hokkaido. After its acquisition of the resort, Horwath HTL was continuously retained by Citi Group to select appropriate operator to maximize the resort’s mid- to long-term value.
Scope of work: We have conducted due diligence on existing hotel property, provided strategic repositioning advice for Citi Group which helped the Owner to rebrand the domestic facility into an international upscale resort, the detailed operator selection process helped maximizing the owner’s interest over the contract.
Status: After detailed selection process, Hilton was selected as the operator and the newly-rebranded hotel, namely Hilton Niseko Village, which is now recognized as the leading hotel in the globally-known Japanese ski resort market.

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.

Feasibility and Operator Evaluation, Capsule Hotel in Ginza

Description: Horwath HTL was appointed by Orix Corporation to undertake a feasibility study for a capsule hotel in Ginza, Tokyo. This is the first capsule hotel development for the owner developer and the group was looking to expand.
Scope of work: Horwath HTL provided an understanding of the key parameters affecting the positioning of the future project and its anticipated financial performance. In preparing this study our team undertook analyses of the local capsule hotel and hostel market and the proposed location of the property, reviewed the site and existing buildings, as well as the conversion plans, and produced estimates of trading performance for the proposed hotel.
Status: Our market and feasibility study was used for financing purposes and the hotel subsequently opened in 2016.

ITDC & HCI – Divestment Valuation


The India Tourism Development Corporation (ITDC) and Hotel Corporation of India Ltd (HCI) were looking to privatize of these assets and assigned Horwath HTL India as Valuation Advisors.


Horwath HTL provided divestment related valuations for various hotels and resorts owned by the aforementioned government bodies. This was conducted particularly at a time when the aspect of divestment was new for India, and the government.


The valuation reports submitted by Horwath HTL India assisted in the privatisation of these assets.

Grand Hyatt – Feasibility Study


Grand Hyatt Mumbai was the first large scale hospitality project in India comprising over 650 guest rooms including serviced apartments, when it was being planned and developed. Horwath HTL was commissioned by the owners (Saraf Group) to conduct the Feasibility study for this landmark project.


The project was envisioned to comprise a mix of large function spaces, service apartments and retail areas. Horwath HTL India helped identify demand growth opportunities in a growing sub-market in Mumbai to best realize the potential of the project. We provided the Market and Financial Feasibility Report for the total project, including product recommendations; the project when executed was valued at Rs 6.0 billion.

Implementation / Status:

Horwath HTL’s Feasibility report was used as a basis for development of this project. Grand Hyatt Mumbai has been operational since 2004 as is the largest hotel in terms of inventory in India with 547 rooms and 111 serviced apartments. The hotel also possesses more than 30k sft of function spaces, and 80k sft retail areas.

Public Offer Documents – Industry Reports


Horwath HTL India has been appointed as market specialists by three leading domestic hotel companies seeking Initial Public Offerings (IPO). We also acted as the market specialist for preparing the hotel section of the offer document for the first ever REIT in India.


Horwath HTL drew upon its vast resources and experience to provide a holistic and detailed assessment on the Indian Hospitality Industry. The Industry report forms an integral part of the public offer document relating an IPO. This document is relied upon for accurately briefing investors about the company seeking the IPO and detailing its level of presence in the overall market. This document is verified by the Securities and Exchange Board of India (SEBI) prior to public release.

Implementation / Current Status:

Two of the three companies and the REIT are successfully listed on the stock exchange. Third company has received regulatory approvals for floating its IPO.

Leela Hotels – Brand Valuation


Hotel Leelaventure Ltd. has been in hospitality business since the mid-1980s, owning and operating hotels under the ‘Leela’ brand. The owners were desirous of valuing the ‘Leela’ hotel brand. Horwath HTL was appointed to provide a valuation of the Leela brand, on behalf of the promoters of the luxury Leela Group of Hotels and Resorts.


Horwath HTL India carried out a valuation of the ‘Leela’ brand by assessing the potential income that can be attributed to the brand through assessments of operational profitability and management contracts.

Implementation / Current Status:

The valuation report submitted by Horwath HTL India was used as a basis for determining the value of the brand.

Hotel Internal Audit and Operational Review – International Hotel Chain Portfolio


Horwath HTL India has been appointed as internal auditors for a portfolio of several hotels across India, managed by a leading global hotel operator.


Horwath HTL India has audited 18 hotels over 12 locations across India, comprising hotels in a wide range from luxury hotels to midscale hotels. We have been appointed based on our extensive understanding of domestic best practices to ensure operational efficiency and compliance, while ensuring hotels operate in line with the brand’s global standards.

Implementation / Current Status:

Internal Audit Reports submitted periodically help to identify operational and reputational risks, quantifying their impact and presenting recommendations to mitigate these risks.

Budgeting Assistance for Leading Global Hotel Operator


Horwath HTL was commissioned by a leading global hotel management company to carry out budget analysis and forecasting for several hotels in its portfolio.


Horwath HTL conducted in depth market analyzes for 19 hotels. The assessment focused on garnering a detailed understanding of factors impacting demand, supply, and the immediate and future impact of evolving market trends. Horwath HTL provided budget recommendations and also provided recommendations for possible operating approach towards optimizing revenue and earnings.

Implementation / Current Status:

Horwath HTL’s recommendations and financial projections served as an independent third party opinion for both the Operator and Owner and helped Operator fine tune its budgets.

Oberoi Hotels – Feasibility Study


The Oberoi Group developed award-winning luxury resorts of the concepts and standards unseen before in India. Horwath HTL was given the privilege to conduct market and financial feasibility studies for uber-luxury resorts.


Oberoi Group intended to develop iconic luxury resorts of type and scale unknown to the Indian landscape. Horwath HTL India carried out market and financial feasibility assessment for these luxury resorts in popular Indian tourist destinations – Agra, Jaipur and Udaipur. Horwath HTL India’s prior experience in these markets and within the luxury leisure segment were essential in best understanding the uniqueness and novelty of the proposed resorts while conducting the feasibility study.

Implementation / Status:

The Oberoi Udai Vilas, Raj Vilas, and Amar Vilas are successful iconic luxury properties in India today. Horwath HTL India’s Feasibility Reports and assessments were referred to by the owners and was an important basis for development of these properties.

Delhi Aerocity – Planning and Feasibility


Delhi International Airport Limited (DIAL) – A consortium of Airports Authority of India, GMR Group, Fraport and Malaysia Airports, sought advice on developing a hospitality district at 56 acres of prime land at Delhi Aerocity.


Horwath HTL India carried out a site assessment and recommended allocation into 13 plots for developing hotels of varied size and positioning, including a convention center, retail and commercial spaces. Horwath HTL carried out demand and facility assessments to identify opportunities and risks involved with the project and submitted recommendations with regard to the planned concept. The project was developed based on the findings and recommendations put forth.

Implementation / Current Status:

Delhi Aerocity presently has 11 hotels with 3,758 rooms; two other hotels with about 900 rooms and the convention center are under construction. The total investment into Delhi Aerocity is estimated at Rs. 30 billion.

Operator Search, Selection with Commercial Terms

A comprehensive search, selection and negotiation process and with recommendation for the most appropriate Hotel Management Company to manage the Hotel Project.
The scope of work included:

  • Preparation of an Expression of Interest (EOI) document outlining objectives and scope of management required, response requirements in terms of operator information and expression of interest detail, timing requirements, and other search and selection process components.
  • Operator Search contact and liaison process, culminating in expressions of interest from appropriately qualified hotel management companies.
  • Operator Selection process, culminated in recommending a HMC.
  • Commercial Terms negotiations process with conclusion of a Term Sheet ready to be formalised by the legal advisor into a Hotel Management Agreement.

Proposed Hotel for the Living City Project

We were requested to provide a report evaluating the success factors for hotel development in a significant urban redevelopment project in Tasmania’s North West region. The scope of work included: evaluation of the site and the surrounding market area of relevance to the potential project; assessment of the market opportunity relative to identifiable demand sources; assessment of the market opportunity relative to the potentially competitive supply; and concept development and trading projections for an upscale-quality hotel.

Asset Management Services 500-room Dual-branded Hotel

We provided ongoing asset management services to foster close working relationships between the Owner and Operator’s management teams, to maximize the performance of the asset in its initial year of operations, and to set up ongoing profitability of the subject property.
Services included, i.e. management contract compliance, operational assessment, monthly operating performance report, quarterly owner meetings, strategic asset management plan, review of annual marketing plans and budgets, financial performance analysis, competitive analysis, sales and marketing effectiveness, asset protection plans, capital expenditure planning and implementation, risk assessment/mitigation.

Gold Coast Serviced Apartments

We were retained to provide initial support during the due diligence period, including input on the configuration of the serviced apartment component (rooms, guest facilities, public areas, associated facilities as part of an initial concept description), and an initial cash flow projection of the potential trading of the serviced apartment component.

Performance Improvement Review & Plan Implementation

We were appointed by the hotel owner to review the operation of all hotels in the portfolio and prepare a Profit Improvement Plan. The scope of work included a review of documentation related to the performance, an in-depth on-property hotel review, identification of improvement opportunities, which concluded in a detailed Performance Improvement Plan for each property. Thereafter, we supported management in the plan’s implementation in the first year.

Proposed Theme Park Hotel

We prepared the independent assessment and verification of hotel plans and projections for a proposed theme park hotel. As part of the assessment, we worked on the potential volume of rooms that can be absorbed by the market, appropriate room mix configuration, optimal meeting, and conference facilities, and options for market positioning of any additional rooms. An independent and objective assessment of the performance and financial forecasts for the project undertaken was provided to the Client.