Received 2013 Marriott Renovation Excellence Award
Awarded Marriott Service Excellence Award in 2014 for finishing #1 out of 330 full service Marriott hotels in Overall Guest Satisfaction
Awarded “2014 Hotel of the Year” for the Americas by Marriott International
Re-positioning of the hotel as a premier group and business destination
The hotel finished its first full year as a Marriott in 2013 with 115.4 RevPAR index compared to 65.9 in 2011 and 73.1 in 2012. The hotel grew its index by 9.4% more to 126.3 in 2014 and again by 4.0% more to 131.3 in 2015
From 2011 to 2015, the hotel achieved 22% CAGR on Total Revenue and 125% CAGR on Gross Operating Profit
Provided comprehensive renovation oversight for $9.5 million project that modernized every area of the property. Finished the project on time and on budget.
Within 2 years, ownership was able to successfully refinance the property and distributed all of the equity invested.
The hotel finished 2016, the first year after renovation with a RevPAR index of 98.5, up 16.5% compared to 84.6 in 2015 and up 3.7% compared to 95.0 in 2014 despite adding a newly built 214-room Hilton Garden Inn in the competitive set in June 2015.
The hotel’s RevPAR index further increased by 1.9 points to 100.3 in 2017.
StepStone minimized the impact of heavy renovation in 2015 with revenue management and expense controls.
The hotel finished 2016 with 27% growth in Total Revenue and 39% growth in Gross Operating Profit with 4.0% points improvement in margin and 60% flow
The hotel’s profitability further improved in 2017 with an additional 0.5% points improvement in margin and 54% flow.
Took over management in October 2014. Implemented sales & marketing and revenue management strategies and expense controls. Have successfully driven NOI and gained significant market share
Property was nominated by Starwood for “2015 Franchised Hotel of the Year”
The hotel finished 2015 with a RevPAR index of 93.5, up 18.8% compared to 78.7 in 2014.
In 2016, StepStone improved RevPAR Index to 102.4 by actively pursuing target accounts and implementing proactive revenue management strategies
From 2014 to 2015, the hotel achieved 33.5% growth in Total Revenue and 118.6% growth in Gross Operating Profit with 11.6% points improvement in margin and over 60% flow
In 2016, StepStone implemented daily cost control reviews and labor efficiency controls to further improve GOP margin to 33.0%
Took over management from Marriott International in August 2012. Upon the take-over, StepStone Hospitality replaced the Marriott regional sales team with a dedicated on-site team and implemented cost saving measures
The hotel finished 2014 with a RevPAR index of 104.3, up 1.9% compared to 102.3 in 2013. In 2015, the hotel grew its index to 104.9.
Since taking over the management, the hotel has continuously increased RevPAR index year over year
From 2012 to 2015, the hotel achieved 10.8% CAGR on Total Revenue and 18.2% CAGR on Gross Operating Profit with consistent improvements in margin and over 50% flow each year