Tuesday, February 5, 2019

CHMWarnick Expands Accounting Services for Hotel Asset Management Clients



Celeste Cloutier Ledoux

BOSTON, MA and PHOENIX, AZ (Feb.5, 2018)–CHMWarnick, the preeminent asset manager and business advisor to the hotel investment community, announced today it has expanded its accounting services available to asset management clients. 

 While the company previously offered accounting services on a request-only basis, this marks CHMWarnick’s formal entry into the space, making it the only third-party hotel asset management company providing full owner-entity accounting capabilities.

“Most hotel operators account purely for hotel operations, which is only one facet of the decision-making process affecting the overall investment,” said Chad Crandell, CEO and managing director, CHMWarnick. 

 “Owners still are responsible for a variety of accounting requirements, including fixed asset accounting, debt and equity activity and managing cash flow after debt service.

"In more complex ownership structures, there is a need to account for any REIT operating leases and coordinate audit and tax compliance. This gap in services is often overlooked when the deal is initially put together.



Chad Crandell

"While some hotel investors can perform these functions in-house, many cannot – and some do not want to add the accounting infrastructure to do so.

"This level of disconnect can have a noticeable negative impact on an investment’s bottom line, so we’ve created a package of specialized accounting services to assist owners through all stages of investment, from acquisition through disposition.”  
       
“CHMWarnick is the first and currently only asset management firm that provides a full suite of accounting services tailored to hotel owners,” said Celeste Cloutier Ledoux, CPA, CFO and managing director, CHMWarnick. 

“We view accounting as a critical pillar in providing comprehensive services to the hotel investment community, and it’s something owners need to consider.

While we have been providing various accounting services upon request since 2001, we’ve more recently expanded our offering based on investor response to the value we’ve been able to achieve through our efforts and expertise.”

Having this accounting expertise in-house also has proven to further elevate the firm’s asset management capabilities and effectiveness in delivering value for hotel owners.

“Close collaboration between our accounting and asset management teams allows for creative strategies surrounding cash planning, capital expenditures, brand matters, taxes and insurance, to name a few,” Ledoux noted. 

“This synergy provides enhanced results and earlier detection of issues surrounding cash flow that can be mitigated or, at minimum, planned for by ownership, which is often overlooked as part of the typical asset management function.”  

CHMWarnick’s accounting professionals specialize in hospitality real estate and can provide services in five different languages. The team provides ownership accounting services for a wide range of clients with hotels comprising over 10,000 guestrooms. 

These include simple to highly complex entity structures, such as REITs, public bond financed hotels and foreign investment entities. 

For more information, please contact 978.522.7002 or visit www.CHMWarnick.com

For the latest company news, follow CHMWarnick on Twitter @CHMWarnick and LinkedIn.

CONTACT:

Chris Daly, Daly Gray Public Relations
Phone: 703-435-6293



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