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| 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.
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| 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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