Asset Management and Consulting Services

The experience of Berryfield in all aspects of management, accounting and Receivership rolls allow it to assist absentee Owners and interested third parties in ensuring the on-site objectives of the day-to-day operations are being met. Berryfield provides both day-to-day property management services at the property level and high level interaction with owners, lenders, trustees, other management companies. This may include the supervision of the management company(s) to ensure adequate and proper, budgeting, operational accounting oversight, capital improvement scheduling, franchise interaction and/or asset repositioning recommendations.

Benefits to Owner/Client

1. Oversight of Owner/Client’s assets are supported by the combined capacity of Berryfield principals who:
1. Offer the extensive experience and problem solving interaction of its three principals who are lodging professionals responsive to the immediate needs of the asset,
2. Have multi-property management experience,
3. Are currently active property mangers and understand the issues and opportunities of day to day management and ownership,
4. Currently provide management and Receivership to third parties including lenders and owners,
5. Have provided Asset management services to lenders and investors since 1991.
6. Are prepared to immediately take on this multiple property asset and are flexible in its representation scope.
2. Every Berryfield Principal takes an active role in the management and/or asset management of all assets. With this commitment, Owner/Client receives the attention of its principals rather than the inexperienced staff that clients might assign from a larger national hotel-consulting firm. This ensures that decisions made with regard to these assets are supported by knowledgeable advice given by seasoned professionals in the hotel industry.

HOTEL CONSULTING SERVICES

In association with the responsible controlling entity, Berryfield is prepared to immediately begin an evaluation of the each asset. This will include a study of the market, the hotel’s competitive supply, a review and evaluation of current management, including sales and marketing efforts, operating procedures, the physical plant inadequacies and expense controls. An assessment will then be made as to the ability and the extent to which the properties should be able to pay debt service on the loans under customary operating expense levels.

Berryfield will also assist in forming a current opinion of the value of the assets. Based upon the results of the study, Berryfield will provide Owner/Client, as appropriate, with recommendation of strategy and action to best maximize and/or preserve the value of each asset and the financial integrity of its investment.

ASSET MANAGEMENT SERVICES

Berryfield shall provide interaction with the management company on a continuous and regular basis to ensure each property is being properly managed. These services shall include, but not be limited to, the following:

1. Implementation of the plan of action resulting from the consulting assignment,
2. Evaluation of property level personnel including the General Managers, Director of Sales, Front Desk Agents and other management staff. Work with management company to make appropriate improvements to the personnel,
3. Establish a reporting system to Berryfield for each property to monitor daily and monthly occupancy, average room rates, revenue per available room, room sales, payroll and certain other operating expenses,
4. Monitoring sales and marketing action plans and strategies,
5. Reviewing reporting and accounting practices and procedures,
6. Reviewing and approve the annual operating budget and marketing plan,
7. Overseeing capital budgets and improvements, as approved,
8. Reviewing monthly financial statements with Owner/Client and the management company as Owner/Client deems appropriate,
9. Making regular and periodic inspections of the hotels,
10. Reviewing quality assurance inspections from franchisors for compliance and action,

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