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Organisation
Hotel management
Hotel management capacity of the fund
As the hotel turnaround expertise is key for the fund to create
value, the fund will have sufficient hands-on hotel turnaround
management capacity available within its own organisation.
Within the fund management, a hotel management team consisting
of a
group of experienced hotel managers will be created that
will be supervised by Mr. Van den Dijssel. This enables the
fund to
be a hands-on portfolio manager and to fulfil an operational
role if necessary.
Mr. Van den Dijssel has a long and broad international experience
with both hands-on operational hotel management, as well as
all aspects of the selection, contracting and dealing with
professional
hotel management companies. Mr. Van den Dijssel will primarily
be responsible for all hotel management issues within the fund
management. The other partners in the fund management will
support these activities.
As soon as extra capacity is required, most likely after 2
or 3 acquisitions, the fund’s hotel management team will
be expanded with additional senior hotel management. Vast experience
with turnaround and refurbishment processes as well as senior
responsibility
within an international hotel management company are part of
the profile.
External hotel management companies
The subsequent stage of value creation and optimisation can
be outsourced to external professional hotel management companies.
Market standard management contracts will arrange this outsourcing
relationship, where two key elements will be different from
standard
contracts:
- In order to have multiple
exit scenarios, no obligations to external management
parties may remain at the end of the
fund’s
involvement, which requires a flexible termination clause in
the contract;
-
The fund will align the incentives for the management
company with its 5 years value growth and exit targets, which
requires non-standard
incentive schemes which are related to cash flow and value,
rather than revenues.
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