They are both capital and labor intensive and a specialized undertaking. Without the right brand, reservation system, financial leverage and management, they are just expensive buildings with beds.
Institutional owners engage Quorum to assume operational control of their hotel assets. In most situations, the selection of an independent operator such as Quorum to operate the hotel offers a number of strategic advantages, such as:
- Ability to position/brand property based on market needs not chain requirements
- Shorter term, more highly-focused and experienced management
- Terminable-on-sale agency agreements
- Fees focused on creating value