Based on the present environment in the hotel lodging industry, we believe it is an opportune time to actively pursue additional acquisitions and management contracts. Our growth strategy includes acquisitions of existing properties, development of new hotels and acquiring new third party management contracts.
Acquisitions and Development
Through the years Wright Investments, Inc. has developed a proven formula for successful growth through acquisition and development of hotels. We have put together a list of criteria that allows for the shortest ramp up periods and greatest financial performance:
Acquisition of Existing Hotels
- Larger markets typically with an MSA greater than 500,000
- Depth of demand generators in market
- Barriers to entry within market around the hotel
- 100 to 400 room interior corridor properties that are upscale full service, select service or extended stay hotels which currently are or have the ability to be converted to premier franchises or boutique hotels
- Possibility of adaptive re-use (i.e. convert office or apartment building to hotel)
- Repositioning of historic hotels
Development of New Hotel Property
- Areas with strong growth potential such as corporate business parks or downtown urban areas that are underserved by the existing hotels in the market.
- Limited growth areas include Interstate locations (when that is the only demand generator).
- Upscale national franchise brands such as Marriott or Hilton that are select service or extended stay.
Our third-party management includes managing for REITS, pension funds, private equity funds , lenders, special servicers, life insurance companies and private owners. Our ability to produce strong cash flow and maximize asset value has helped us grow to become one of the top hotel management companies in the United States. We offer reasonable base management fees, a mutually agreeable incentive management fee and term lengths and cancellation clauses based on the individual needs of our clients. As managing agent, we will:
- Maximize cash flow by driving revenues and actively controlling expenses
- Create detailed sales and marketing plans, budgets and capital improvement plans
- Complete property visits by our operations, accounting and sales and marketing teams to assist the on-site management team in carrying out the business plan
- Provide monthly reports to keep our client appraised of our progress
- Implement centralized accounting including Unifocus back office accounting, payroll and corporate office accounting staff
- Apply Human Resources procedures that create a sense of belonging to motivate team employees
To inquire about our business development, email Brandon Birkhead or contact us at 901-755-9501 extension 111.