Pre-acquisition audits and appraisals
- More than 600 pre-acquisition audits and appraisals (2003-2006)
These audits and appraisals were aimed at estimating the value of assets in relation to debts at the time of acquisition (non-performing loans) and assessing the operating profit growth potential (in terms of gross operating profit, or GOP) for these assets in the short and medium terms.
- Supervision and management of over 200 hotel-related due diligence operations in Germany, Belgium, France, the Netherlands and Spain (2009)
The objective was to evaluate the operating capacity of these assets and their potential for EBITDA growth to cover short- and medium-term debt repayments (performing loans). A physical audit was carried out for each of these assets to determine their short-term capex needs that would hamper EBITDA generation capacity for debt servicing.
These audits served as the backbone for one of the largest hotel debt transactions in Europe in the past decade.
- Audit of 15 hotels and resorts in Spain and Italy – covering more than 5,000 guest rooms in all (2013-2014)
Audit of 8 hotels in Germany – portfolio of 4/5-star hotels (2016)
Audit of a 5-star hotel in Greece (2016)
The objective was to analyse the current and future operating performances as presented by the divesting groups, to assess capex needs during technical visits, and to provide market analysis as a consultant on behalf of the potential acquiring investor.
Audit of a 5-star hotel in Greece (2016)
Audit of 12 luxuary hotels in Italy, France, Hungary and Chzeck Republic for a total of 1600 rooms (2016).
- Monitoring of over 150 hotel NPLs (non-performing loans) in Germany (2004-2007)
Our mission was to assist the investment fund that held these debts in its foreclosure, repossession, and operating takeover projects for these hotels. We also assisted the debt-holder in the sale of assets post-repossession.
- Active monitoring of the operating performance of 205 hotels,representing $b2 of hotel collateral, covering all segments from 2-star to 5-star. Our assignment was to monitor the operating capacity of these hotel portfolios to cover short- and medium-term debt repayments and to anticipate defaults of payment.
During this period, the scale of this assignment made us Europe's leading player in debt monitoring and predictive analysis in the hospitality sector, thanks to ADM © software.
- Direct operational management for a worldwide opportunistic Real Estate Fund, including provision of the management team for eleven 4-star and five 3-star hotels in Germany and Switzerland (2004-2009)
Our mission consisted of turning around and selling off these hotels after boosting gross operating profit (GOP) threefold, without any further capital expenditure than the costs of our mission.
- Auditing, drafting a turnaround roadmap, and supervising its execution for a portfolio of ten 3-and 4-star hotels in Germany (2010) Our objective was to secure the operating performances for the US investment fund that had acquired the hotel portfolio from us and for which we had set up the debt arrangement.
- Auditing, drafting a turnaround roadmap, and supervising its execution for a portfolio of 27 hotels in France and Belgium (2010-2011) The aim of this assignment was to implement the turnaround roadmap in order to secure debt servicing and divest non-core assets. To achieve this goal, TIA took over managerial responsibility for this portfolio.
- Portfolio refocusing, acquisition, drafting a turnaround roadmap, and supervising its execution for a 4-star resort on the French Riviera (2011-2013)
We were tasked with organising the acquisition of a non-core asset and implementing a complete turnaround by repositioning the resort and rolling out a unique concept. For this assignment, TIA acted as Asset Manager for the investment fund that owned the resort, as Project Manager for the creation of the concept and rollout of the capex plan, and as Hotel Manager. In addition, TIA arranged the sale of the asset following successful completion of the turnaround roadmap.
- Drafting a turnaround and development roadmap and supervising its execution for a portfolio of twelve 3/4/5-star hotels – in France (2014)
As part of a debt-to-equity swap, our mission is to develop the hotel portfolio and boost its value in order to secure its financial worth and to enhance its strategic value by rolling out innovative marketing concepts. To achieve this goal, the asset owner has delegated managerial responsibility to TIA.