Case Studies
Silverbirch Hotels and Resorts
SBHR was a major investment by the British Columbia Investment Management Corporation in 2007 - at the peak of the market. After several difficult years the principals were recruited to manage this nation-wide portfolio of full-service hotels in 2010. We quickly aligned the Board and owners around a strategic plan to grow and re-build value and after several successful years - executed an exit strategy.
Over a six-year period, we led capital investments of close to $500M, completed 6 major construction projects, added density and mixed-use retail and residential complementary to the hotel operations, and branded most of the inventory with various Marriott and Hilton Brands. In 2015 we incorporated the Delta brand and 14 Delta hotels into the portfolio, immediately selling the Delta brand to Marriott for $165M. In 2016 we led the global marketing effort for the sale of the Silverbirch brand and the real estate portfolio, completing the sale in early 2017 well above $1B - exceeding owner expectations. This transaction was 25% higher than pre-sale valuations.
Aspen Meadows Resort and the Aspen Institute
Propelled 100% improvement in NOI for underperforming Aspen resort over 24 months, leading to Dolce Hotels and Resorts’ extension of the management contract. Aligned synergies for new business segments, instituted new sales strategies, shored up the operations team, elevated service following the Forbes service-training model and significantly improved guest sentiment and employee engagement. Deployed $15M in the development of the Doerr-Hosier Conference Center - a significant anchor to the Institute’s Aspen Ideas Festival and events that have attracted presidents, statesmen, diplomats, judges, ambassadors and Nobel laureates, enriching and enlivening the Institute as a global forum for leaders. An additional $15M investment into campus renovation, the launch of Plato’s restaurant and the enhancement of facilities and guest-centric activities.
Residence Inn – Vancouver, B.C. Canada
A 200 room, independent extended stay hotel with a secondary location in need of capital investment producing $1.5M of net income annually. In 2010 we took over management, closed the hotel for 8 months and executed a comprehensive $25M renovation, while entertaining multiple bids from international brands. Marriott Residence Inn was our final determination. After the brand selection to improve the competitive position we included “above brand” standards in the guest rooms, food and beverage and curb appeal. In the first year of operation the hotel produced net income of $5M and tripled in valuation. The property became Vancouver’s market leader in occupancy and continues to lead the competitive-set 10 years later. For our owners, the capital investment of $25M yielded a new valuation of $80M.
