Selection of a Condo- Hotel Management Company.

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Presentation transcript:

Selection of a Condo- Hotel Management Company

Hostmark Hospitality Group Case Study  39 unit condo-hotel  Seasonal resort market  Developer owned common areas  Management Company owned desk  Operating Agreement between Condo Association and Management Company  Agreement structured by Developer

Hostmark Hospitality Group Case Study – Management Issues  Advance Deposits  Sales & Marketing  Ownership Accounting  Unit Rotation  Communication (Transparency)  Self-serving agreements entered into by Management Company

Hostmark Hospitality Group Case Study  HOA terminates Management Company  HOA assumes “desk” operations  HOA operates 9-10 months  HOA files lawsuit against Management Company  Developer caught between HOA and Management Company

Hostmark Hospitality Group Case Study  HHG retained as Operator  Structured agreement to address issues  Transparent Management Style  Alignment of Expectations

Condo-Hotel Management Case Study Management Replacement

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