TOPICS TO BE DISCUSSED IN UPCOMING BLOG POSTS

 Richard B Evans, CHA, CHAE, CRME

  • Should my Condominium consider purchasing the hotel program?
  • Financial Metrics of hotel programs.
  • Appropriate distribution payments to owners (3, 4, 5 diamond categories).
  • Deductions in arriving at distributable Gross Room Revenue.
  • Overall performance of the hotel program “Above the Line Analysis” –
  • Return on Investment to Unit Owners and Hotel Program Owners.
  • Complimentary use of units and how they can affect distributions.
  • Out of Order Units – reporting, effect.
  • Condo Maintenance Fees and the effect on units for sale.
  • Owner Occupancy – staying in your unit.  Effects to you and to the hotel program.
  • Breakage Income – what is it?  How it affects the unit owner.
  • The terms of the Rental Management Agreement (“RMA”)
  • The terms of the Hotel Management Agreement (“”HMA”)
  • Interim Agreements – through Receivership.
  • PROFIT – what to expect and how should it effect unit owners.
  • Reserves – (i). interior of units and (ii). building (right to waive).
  • The Hotel Operator (Independent management company or hotel program owner).
  • The Developer.
  • Differences between a traditional hotel and the condo hotel program.
  • The Easement Parcel.
  • The Association (and the Board of Directors).
  • The Condominium Documents.
  • Unit care provided by the hotel program – consistency and expectations
  • Overall property care – front and back of the house.
  • Guests and there expectations.
  • Sales and marketing team effectiveness and revenue optimization – how it affects you.
  • The Owner Coordinator.
  • Valet Operations – Revenue, Cost & Profitability.
  • Ancillary Income – who benefits?
  • The role of the Receiver – necessity, benefits, aftermath
  • Investment in training staff (operator).
  • Communications to Owners – Board of Directors, Hotel Program, Candidates
  • Professionals hired by the Condominium (attorneys, certified public accountants, consultants)
  • Capital Improvements (building, timing, certifications, etc.)
  • Importance of the Hotel Budget – important considerations.
  • Importance of the Condo Budget – important considerations.
  • Allocation of Wages between the Condominium and the Hotel Program – staff separation or allocation
  • Analysing the largest line items on the hotel Profit and Loss Statement
  • The effect of capitalizing purchases on bonuses and incentives (establishing thresholds)
  • Cash Flow analysis, 5- year forecasts, PACE, etc.
  • The Uniform System of Accounts – what are they and why are they so important in the preparation of financial statements.
  • Insurance considerations (windstorm, liability, renters, etc.).
  • Condominium law and its application to the condo – hotel
  • Dealing with unit owners that do not pay monthly maintenance and/or special assessments and rent out there units.
  • Each Board of Director is required to read Condominium Rules & Regulations put out by the state – I have summarized the same for your convenience (Florida)

 

About Condo Hotel Answers by Richard Evans CHA, CHAE, CRME

Selected Current & Former Accomplishments ◾Currently preparing as event organizer, keynote speaker and lecturer for the first “Annual Condo-Hotel Conference“, Miami, Florida - sponsored by Florida International University (FIU), Greater Miami Convention & Visitors Bureau (GMCVB) and the Miami Hotel Association – June 21 & 22, 2013 at FIU North Campus. ◾Authoring “The Definitive Study of Condo-Hotels” for FIU and Other University use. Expected publication date is June, 2013 ◾Current BLOGGER: www. CondoHotelAnswers.com ◾Currently sitting on FIU panel to organize series of Revenue Management Programs. ◾May 17, 2013 - Panel member and assist FIU; Revenue Management: The Hotel in 2020 ◾Currently creating FANTASY REVENUE MANAGEMENT competition for Revenue Managers. ◾Current President of Condo Hotel Professionals LLC ◾Current volunteer to HFTP in making Condo Hotel Financial Statement suggestions toward better clarifying the financial position of the Condo-Hotel. •CHA – Certified Hotel Administrator – American Hotel & Lodging Assoc •CHAE – Certified Hospitality Accountant Executive – Hospitality Financial & Tech Professionals •CRME – Certified Revenue Management Executive – Hospitality Sales & Marketing Assoc Int’l •GMP – Cornell University Executive Training – Ithaca, New York •Produced: 3 Symphonies, Broward County – Symphony of the Americas raised funds for Cystic Fibrosis – Symphony of the Americas •Bachelors Degree: Long Island University – Accounting •Board of Director – Greater Miami Convention & Visitors Bureau •Board of Director – Ocean Drive Executive Committee, South Beach •Board of Director – North Beach Hotels, North Beach •Board of Director – SOBE TMA, SOBE •City of MB Transporation & Parking Committee – Task Force representing all MB hotels •Liaison with former Mayor Neisen Kasdin & all Miami Beach hotels / GMCVB Speaker - Revenue Management (Yield Management, Optimization)
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One Response to TOPICS TO BE DISCUSSED IN UPCOMING BLOG POSTS

  1. mark@gomiamibeach.com says:

    Richard, remember we used to say that having a condo next door to the hotel was a potential nightmare!? Can’t wait to hear how you’ve adapted to having them move right in! Am confident that no one could take on this subject matter better than you after all these years! And that’s coming from a General Manager of a hotel!!!!!!! Mark G.

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