Lasky's Lodging Unlimited Inc. Offering 'streamlined Studies' To Give Hoteliers Timely, In-depth Property Analysis
CHICAGO | Lodging Unlimited Inc., a Chicago-based full-service management company, has expanded its hotel management and consulting services to include Streamlined Studies – a client-friendly, cost-effective service designed to help hotels save money, protect their investments and become more competitive in the acquisition market.
CHICAGO | Lodging Unlimited Inc., a Chicago-based full-service management company, has expanded its hotel management and consulting services to include Streamlined Studies – a client-friendly, cost-effective service designed to help hotels save money, protect their investments and become more competitive in the acquisition market.
“The Streamlined Study provides our hotel clients with the information they need to make informed decisions quickly – without the time and expense associated with in-depth market analysis or feasibility studies,” said Morris Lasky, CEO of Lodging Unlimited.
Lasky, a 40-year hotel veteran, has long been known in lodging-industry circles as the “hotel doctor” for his proven ability to cure the ills suffered by under-performing hotels. Over recent years, he’s become just as well known—perhaps even more so—for co-founding and serving as Chairman of the Lodging Conference, a top industry event to be held Sept. 27-30, 2005, in Phoenix, and as Chairman of the International Hotel Conference, to be held September 12-14, 2005, in Monte Carlo, Monaco.
Lodging Unlimited’s Streamlined Studies have helped hoteliers in the following ways:
- Management contracts – A recent Streamlined Study enabled an inexperienced ownership group to negotiate a more favorable management contract with the company it had hired to operate the hotel.
- Asset evaluation – Lodging Unlimited reviewed a deal to determine whether a company that had planned to buy a hotel should keep the property or flip it for a quick profit.
“As a result of the Study, we found that if the purchaser closed on the property and spent a small amount on renovation, it would be worth three times the purchase price within three years,” Lasky said.
Acquisitions – A client hired Lodging Unlimited for advice on making an offer to purchase a hotel. Lasky reviewed the deal and the competitive set and concluded the offer was too high. As a result, the group revised its offer and is currently in negotiations to purchase the property.
In another case, investors turned to Lodging Unlimited to evaluate a hotel for potential purchase. Using his expertise, Lasky determined the seller overpriced the hotel and suggested his client make an offer based upon value.
“Now, as the investors move forward, they are better equipped to negotiate a fair deal,” Lasky says.
Simple, efficient process
Hotels participating in a Streamlined Study are required to submit specific research materials prior to an on-site visit by Lodging Unlimited. Once these written materials are reviewed, Lodging Unlimited will spend two days at the property inspecting, interviewing and analyzing the overall operation as it relates to the specific task: management contract, asset evaluation or acquisition. The on-site inspection is followed by a verbal presentation to the client and a brief letter of review.
Fees for a Streamlined Study are $10,000 (plus out-of-pocket expenses), compared with other studies, including competitive feasibility or market analysis studies, which can cost from $25,000 to $100,000.
For more information on retaining Lodging Unlimited to conduct a Streamlined Study, contact Lasky at (312) 595-1390.