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We provide anything to do with the physical asset with respect to conversions, renovations, redevelopment, and capital expenditure programs.  As experts in this specialty, we provide due diligence, PIP estimates, and cost estimating as well as owner representation and project management services.


These services are often involved in acquisitions, capital expenditure planning, asset improvement requirements, and asset repositioning.  One area that is often overlooked is the disposition of a hospitality asset. 


It is important to note that the more detailed the evaluation, the more accuracy you get and the less risk you have.  But everything has a cost constraint and circumstances may require one approach either in lieu of or before another.  We put forth the same high quality effort toward the professional advice and recommendation you seek.


                                                             DUE DILIGENCE


The First Glance:  This is generally the “back of the envelope” look at a potential acquisition.  It is used as a frame of reference to determine if the acquisition meets a certain criteria from an investment perspective.  We ask a series of questions which will give us a very general scope of work and then examine the asset from a desktop viewpoint.  The end product is a brief 2-3 page report with square foot (SF) cost by major areas of the asset.  There is typically no site visit and the cost is low, the value is high.  It takes about a day to perform this work.

An Order of Magnitude: The next level of due diligence whereby we make a site visit, tour the hotel, talk with appropriate management personnel, take pictures, review on-site plans (if available) and visit a representative sample of guestrooms.  We have developed a unique process to provide this service in a very cost effective manner and expeditiously.  We develop a more detailed scope of work in each specific area of the hotel with regard to construction and FF&E and also take into consideration relevant soft costs required for the stated scope of work.  We also formulate a very high level schedule of the work (as a renovation) or can put the work into a 5-10 capital expenditure plan.  This process can take between 2-5 days, depending on size and type of lodging product.


The Product Improvement Plan (PIP) Assessment:  PIPs are a staple occurrence with a change of ownership or upon a required asset review by the brands to maintain their respective standards.  Each brand has its own methodology of conducting a PIP review.  Some are very detailed specifying item detail by each area of the hotel.  Others provide generalized sweeping “intent” statements that need interpretation.  We have performed many, many PIP assignments and know how each Brand works.  We offer professional recommendations for PIP costing, scheduling, and negotiations.  We provide detailed PIP costing, taking into consideration both hard and soft costs as well as further defining scope when “intent” only is provided.  We also can negotiate PIP items with the Brand.  Our end product is a detailed PIP estimate for each line item.  We prefer to visit the asset if possible.  The timeframe for our services is typically 2-3 days.


The Detailed Evaluation:  The highest, most detailed level of due diligence whereby we coordinate all due diligence efforts by third party engineers (if warranted), integrate all work into a comprehensive scope definition by each area of the asset, create a detailed estimate involving all soft and hard costs for each area, and summarize all third party and our findings in a concise report as well as a detailed budget and schedule.  We conduct a thorough review of the asset, sit with all key personnel, review historic records and detailed plans and perform SF takeoffs.  The scope document is very definitive and each scope item is costed so you can clearly see all work that needs to be performed. 


You will not find a better work product in the marketplace.  No other firm is as diligent as are we.  We meet with you and go through our work product in detail, answer all questions and specifying assumptions that pertain to our scope and estimate.  And we KNOW that there will be product adjustments as the scope is refined to meet your budgetary requirements.  As well, you will KNOW why these adjustments need to be made.

The typical timeframe for the Detailed Evaluation is two-four weeks depending on third-party consultant availability.


So, the value proposition for you is the following.  These are some of the reasons why you should select VHA.


1.       Concise yet comprehensive summary that takes into account the asset review, PIP, engineering reports, as well 

        as your own plans for particular areas of the asset.

2.       Thorough, realistic cost assessment because of the detail.

3.       High degree of accuracy for planning purposes.

4.       Ability to customize the scope of work to your budget.  We work with you.  No surprises.

5.       Specific area costing allows you to conduct your own ROI analysis to see if justified.

6.       Pragmatic schedule to minimize revenue disruptions during implementation.