BOSTON--(BUSINESS WIRE)--CHMWarnick (“CHMW”), the leading hotel asset management and business advisory services company, today announced that it has been selected by Cuyahoga County to asset manage the 600-room Hilton Cleveland Downtown. The $272 million publicly-funded hotel, which opened June 1, 2016, is connected to the First Merit Convention Center, the Global Center for Health Innovation, and Mall B, creating a world-class meetings destination.
"With the addition of the Hilton Cleveland Downtown, CHMW’s 50 property asset management portfolio now includes a total of 12 convention center headquarter hotels, with more than 12,000 rooms and one million-plus square feet of meeting space, providing us with unparalleled experience in big-box, group-oriented hotels," said Chad Crandell, managing director and CEO of CHMW. "We believe CHMW is now the largest asset manager within this segment. We have asset management responsibility for the single largest hotel in each of approximately half of the U.S. major metropolitan markets, including such cities as Anaheim, Atlanta, Chicago, Cleveland, Detroit, Phoenix and Washington, D.C., among others. Working with virtually all of the major brands, including Marriott, Starwood, Hyatt and Hilton, no single firm has our experience in representing the interests of public and private clients in the planning, pre-opening and operational oversight of convention center hotels."
CHMW was selected following a public RFP process. “CHMW is a proven asset management firm that has produced excellent results for its convention center hotels,” said Michael W. Dever, director of public works for Cuyahoga County. “They were a natural choice to represent the County’s interests to ensure we achieve our business goals.”
The Hilton Cleveland Downtown will offer 46,000 sq. ft. of meeting space with a seamless connection to the 395,000 sq. ft. of function space at the adjoining Convention Center. Hotel amenities include a full-service business center, indoor pool, fitness center and state-of-the-art guest rooms.
CHMW currently provides asset management services for nine publicly-financed hotels totaling 7,000-plus rooms in some of the leading convention markets across the country. “Historically, we have been retained from the earliest stages of pre-opening through to post-opening and have maintained agreements through numerous renewals. Our average tenure with the public sector clients we represent is over a decade,” Crandell commented. “Since opening, our public contracts have been renewed as many as four times, depending on the assignment. This longevity speaks not only to client satisfaction, but also to our understanding of this unique asset class, public-funding structure and reporting requirements, and the results we have achieved through multiple economic cycles.”
CHMWarnick (“CHMW”) is the leading provider of hotel asset management and ownership advisory services in the US, delivering material positive impact on asset value and returns for lodging real estate owners and investors. The company currently advises a client portfolio of more than 50 hotels with 20,000 rooms, collectively valued at $10 billion. In addition to operational hotels, CHMW actively is representing clients on $2 billion in hotel development projects in major markets across the US. CHMW’s experience has included advisory on more than 400 hotels, including major and secondary markets in North America and the Caribbean. It has served as a trusted advisor to a wide-range of US and internationally-based ownership groups, including sovereign wealth funds, private equity, public agencies, pension funds, lending institutions, Fortune 100 companies and insurance companies. While CHMW has worked with many hotels, it is uniquely qualified in its experience with urban luxury and boutique properties, convention center headquarter hotels and destination resorts.
CHMW offers an experienced team of hospitality professionals, with a broad range of expertise in areas such as hotel consulting, planning and development, contract negotiation, operations, new hotel openings, strategic planning, sales and marketing, revenue management, accounting and finance, food and beverage, loan/agreement compliance, capital planning and physical asset oversight, risk management and investment counseling. CHMW’s diverse background, and deep experience (a third of its team has 30+ years hospitality experience) affords an unparalleled level of resources, providing clients with the most comprehensive hotel advisory services available in the industry today.
CHMW’s services include hotel asset management and advisory services related to hotel/portfolio acquisition, planning and development, strategic positioning and re-development, public-sector hotel planning, operations assessment, ownership-level accounting, capital planning and renovation oversight and disposition services. To learn more about CHMWarnick, visit their website at www.chmwarnick.com or contact them at 978-522-7000.