Opening Services

1. 1.Pre–Opening Management
   

1. Negotiate all agreements pertaining to facility operation, including but not limited to the operating agreement, pre–opening agreement and technical services agreements.
   

2. Negotiate franchise agreement.
   

3. Oversee and monitor the pre–opening and technical services phase, including budgeting, procurement and installation of operating supplies & equipment (OS&E), computer systems and other information technology (IT).
   

4. Provide pre–opening management services, including hiring all staff and establishing all necessary systems to manage the hotel.
   

5. Provide pre–opening sales, marketing, advertising, and promotion.
   

6. Coordinate the timely and efficient completion and the resolution of any remaining punch list items.
   

7. Coordinate and obtain final project and opening approvals.
   

2. 2.Accounting
   

1. Maintain all development cost accounting records
   

2. Process all invoices and payments.
   

3. Generate monthly draw requests for lenders and investors.
   

4. Maintain and reconcile bank accounts and other assets and liabilities.
   

1. Operations - Asset Management
   
   1. Operations
   

2. 
   

3. Prepare operating plans for consistency with brand standards as required.
   

4. Regularly review current performance and marketing strategies and progress.
   

5. Perform a periodic performance rating based on hotel property’s performance and provide an annual report on performance to you. 
   

6. Review personnel policies. 
   

7. Obtain licenses of any concessions, contracts or license agreements and review all such agreements on your behalf for consistency with the terms of the operating agreement and normal operations of hotel properties of the same type.
   

8. Develop a Property Maintenance Plan for the regular maintenance and upkeep of the property.
   

2. 2.Operating Budgets
   

1. Develop an annual operating plan and budget.
   

2. Report the monthly budget and hotel performance. 
   

3. Report the annual hotel performance.
   

3. 3.Capital Plans
   

1. Develop and report an annual capital improvement plan.
   

2. Provide annual inspection reports of the property.
   

3. Provide all Franchise inspection reports of the property.
   

4. Oversee renovations and capital improvements of the property.
   

5. Provide quarterly financial meetings.
   

4. 4.Other Duties
   

1. Develop and provide to you monthly reports showing the progress of operations, marketing strategies, operating budgets, the physical condition of the property, plans for capital improvements and other issues that may affect the performance of the hotel property.
   

2. Review with you the real estate tax assessments with a view to minimizing them.
   

3. Provide evaluation, advice, and consultation regarding property financing and disposition alternatives.
   

4. Periodically verify the suitability of insurance limits.