Over the last 20 years, lodging ownership has changed dramatically. Hotel chains no longer own the vast majority of their inventory, and the typical institutional investor profile has changed from long-term / low yield to shorter-term / higher yield. As a result, industry service providers have changed as well. Most of the ‘super chains’ have significantly repositioned their enterprises to concentrate on franchising their brands to an owner, who in turn engages a third-party to operate the hotel within these brand guidelines. In this new industry landscape, Quorum is the independent or third-party hotel operator and provides the following distinct service groups to its clients.
Our Corporate Operations Group includes both Full Service and Select Service Platforms. When we take over direct management of a hotel asset we will employ and train all staff members, establish and maintain all operating budgets, bank accounts, insurance policies, permits and licenses. We will handle all franchise issues, supervise renovations and/or repairs, and generally reposition property based on market realities and ownership objectives and exit strategies.
Our Select Service Platform is staffed by a team of professionals in Dallas who support the hotels in areas such as: revenue management, sales & marketing, accounting and financial controls.
If you have an embedded brand operator, our Asset Management Group can provide ongoing monitoring of your operator - we “manage the manager” for you.
Our Corporate Advisory Group encompasses an array of services that suit your needs. We offer advisory assistance in: Acquisition & Joint Venture Formation, Brand Selection, Development, Due Diligence & Underwriting, and Operating Assessments. With Quorum’s knowledge base, there’s nothing we haven’t done.
Hotel Recovery Services
Quorum was originally formed in 1987 to specialize in assisting lending institutions with hotel workouts/REO situations. Since then this function has been one of the core services of Quorum resulting in over 40 workout assignments. Unlike most organizations, we never stopped providing this service and believe we offer a unique set of skills to assist in these situations.
Quorum’s receivership services will provide for securing a given hotel asset on behalf of the court while simultaneously lending experienced oversight of day-to-day operations. As part of our receivership services, Quorum will review and assist with the “Order- Appointing Receiver.” By assisting in its preparation, Quorum can help identify numerous hotel industry specific situations with which legal counsel may not be familiar. As a leader in customized hospitality solutions, Quorum will ensure all of the right legal and operational steps are taken throughout the receivership process to preserve the value of the asset.