Run one true set of books. Without building a finance team.

Built for ownership structures with more than one set of books.

A mixed-use asset is never one business. It's a hotel under a management agreement, a condo association with its own reserves, retail tenants with CAM to reconcile, a parking component, and a JV or master association sitting over all of it. Each keeps its own ledger. The owner needs them to agree.

That's the work. It shows up in every market, and it doesn't get simpler by handing it to a shop.

1. Residential and condo associations
2. Retail tenants and common areas
3. Hotel under a management agreement
4. Parking
5. JV entities and the master association above them

Five components. Several ledgers. One owner who needs the numbers to tie.

Senior people on the engagement. Directly.

Not an account manager. Not a junior staffer routed through a team. A small senior team that has run the hotel side of a mixed-use asset from both seats — the books and the building.

On the finance side, that means more than thirty years running finance for luxury and lifestyle hotels: director and vice president of finance for independent and branded properties, corporate and area controller before that. Monthly close, owner and brand reporting, budgets and forecasts, and management-company oversight from the inside — knowing exactly what the operator's package should say and what it leaves out.

On the operating side, thirty years running hotels: general manager of full-service and luxury properties through divisional vice president and chief operating officer over a portfolio of resorts and major-brand hotels. Transitions, new openings, PIP negotiations, multimillion-dollar renovations, and the turnaround of underperforming assets. Graduate and doctoral training in management, strategy and hotel real estate. Business conducted in six languages.

Add hands-on experience on the ownership side of a hotel management agreement, a JV, and a master association — the same structures you're running now. Full coverage, senior level. Nothing partial about it.

1. Hotel finance leadership — close, budgets, forecasts, owner reporting
2. Property and portfolio operations, GM through COO
3. Pre-opening, transitions and renovation projects
4. Management agreement, PIP and incentive-fee negotiation
5. Asset management and revival of underperforming assets
6. Data-driven performance review and team training

Everything the books need, in the order they need it.

Four areas of work. Each one is covered fully, by the same senior team, from the first reconciliation through the lender package.

• +11%GOP flow-through across a multi-property portfolio
• +8%Internal audit scores after a portfolio-wide controls review

1. Financial Operations

   The monthly close, done right and done once.

   • Consolidated monthly financials by entity and component
   • Bank, GL and owner-distribution reconciliations
   • Cash flow management and banking relationships
   • Audit-ready workpapers

2. JV & Association Oversight

   The layers on top of the property, kept clean and kept separate.

   • JV entity accounting and partner distributions
   • Master association and shared-amenity bookkeeping
   • Inter-entity allocations
   • Ownership and distribution-waterfall tracking

3. Reporting & Compliance

   What lenders, partners and your CPA expect — on time, without a scramble.

   • Lender and covenant reporting packages
   • Annual budget and rolling cash flow forecast
   • Investor and ownership reporting
   • Tax-ready financials coordinated with your CPA

4. Advisory & Turnaround

   When the structure changes, or the numbers say something has to.

   • Financing and refinancing support
   • Litigation and risk exposure analysis
   • Ownership transitions and JV restructuring
   • Operational fixes that protect the bottom line

By component.

Each piece of a mixed-use asset has its own rules and its own reporting. Here is what gets watched in each one.

1. 

   Hotel

   • Owner-side oversight of the management company's reporting
   • RevPAR, ADR and flow-through review
   • Brand PIP and CapEx tracking
   • Management agreement and incentive-fee compliance
2. 

   Residential & Condo

   • HOA and condo association financials kept separate from ownership entities
   • Resident billing and assessment collection
   • Reserve study funding
   • Unit-owner distribution accounting
3. 

   Retail

   • CAM reconciliations and tenant billing
   • Percentage rent tracking
   • TI allowance accounting
   • Vacancy and occupancy cost modeling
4. 

   Asset Management

   • Ownership-level oversight spanning every component
   • Capital planning and reserve strategy
   • Benchmarking against budget, comps and covenants
   • Hold, sell or refinance analysis

   How we run asset management

Asset management from the owner's side of the table.

The management company reports on the asset. The owner has to decide on it. Asset management closes that gap: an independent read of performance, capital and forecasts, so every hold, spend and refinance decision rests on numbers that have been tested.

Five disciplines carry the work. Each has a defined measure, a defined deliverable, and the owner's question it exists to answer.

1. STAR report and competitive benchmarking

   Are we gaining or losing share against the competitive set?

   Confirm the hotel is capturing its fair share of demand and rate, and catch a loss of share while there is still time to correct it.

   What we track

   Occupancy, ADR and RevPAR against the STR competitive set. MPI, ARI and RGI, the indices for occupancy, rate and revenue share, where 100 is a fair share. Day-of-week and segment performance, rate positioning, and whether the competitive set still reflects the market.

   What you receive

   A weekly and monthly benchmarking read that tests the operator's explanation against the data, with a short list of actions.

2. CapEx oversight

   Is capital being spent on schedule, on budget and to a return?

   Make sure every capital dollar is approved, tracked, and tied to either a return or a brand requirement.

   What we track

   Capital budget against actual by project. FF&E reserve funding and use under the management or franchise agreement. PIP scope and brand deadlines. Bid leveling, change orders and contingency. Rooms out of order during work. Yield on cost and payback.

   What you receive

   A monthly capital tracker showing project status, approvals and open exposure, and a post-completion review against the original business case.

3. P&L variance analysis

   Why did we miss or beat the budget, and is it fixable?

   Explain every material variance in terms of volume, rate, mix and cost, then turn each one into an action or a reset expectation.

   What we track

   Variance to budget, latest forecast and prior year. USALI departmental statements, the lodging industry's standard format. GOP, GOP flow-through, EBITDA and NOI. Labor productivity, cost per occupied room, and management and incentive fees.

   What you receive

   A monthly variance package with commentary written for the owner rather than copied from the operator, and a running list of open corrective actions.

4. Sales and marketing advice

   Is the commercial plan aimed at the right business, at the right cost?

   Align the operator's sales, marketing and pricing strategy with what drives net revenue, not only top-line RevPAR.

   What we track

   Segment mix across transient, group and contract. Booking pace and pickup. Channel mix and cost of acquisition, including OTA commissions against direct share. TRevPAR. Sales and marketing spend as a share of revenue. Leasing and occupancy strategy for the retail component.

   What you receive

   A written review of the operator's annual sales and marketing plan, specific recommendations, and a quarterly follow-up against the targets set.

5. Budget and forecast

   Where will the asset land this year, and can it carry its debt and distributions?

   Set targets the operator can be held to, and keep a forecast that is honest about where the year is heading.

   What we track

   Bottom-up annual budget review and owner approval. A 12-month rolling forecast with a quarterly reforecast. Base, downside and upside scenarios. Cash flow, debt service coverage and covenant headroom. The capital plan, reserves and owner distributions.

   What you receive

   A budget ownership has challenged and signed off, a rolling forecast, and a liquidity and covenant view that is ready for lenders and partners.

A reporting rhythm you can plan around.

Asset management only works if it runs on a schedule. This is the standard cadence, adjusted to each asset and each management agreement.

Why this holds up.

Asset management is only as good as the person reading the numbers. The team behind this work has held both seats: thirty years running hotels, general manager through chief operating officer, and thirty years running hotel finance, from the monthly close to owner reporting. We know what a strong operator package looks like, and what a weak one leaves out.

• 3.3×NOI growth in two years at a luxury resort — $1.5M to $5M
• 8×EBITDA growth at a full-service branded hotel — $400K to $3.2M
• +14%RevPAR lift through a $21M repositioning
• +11%GOP flow-through across a multi-property portfolio

If you own a mixed-use asset and want a second read on how it is being run, tell us about the structure and where you need support.

Tell us about your business.

Reach out with a short note on your ownership structure, the components you're managing, and where you need support. We'll follow up to discuss how we can help.

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