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| "The monthly
reporting package from Oak Hotels is the most complete and
comprehensive that we receive."
John Kozeka, ALLIED CAPITAL
It is essential
to Oak that owners are kept well apprised of developments at their
hotel(s). This is accomplished with the following reports and interaction,
which, when combined, act as our "report
card:"
Annual Budgets
Oak completes one of the most detailed and extensive budget packages
in the industry. The process is designed to allow the executive and
property management to develop and implement both short- and long-term
operating strategies and is centered on the following three areas:
Sales and Marketing Plan
A complete evaluation of the individual market place occurs
annually. Strategies are planned and documented to capitalize
on all anticipated market place changes. All marketing
strategies are revisited, refocused and, if needed, retargeted
throughout the year. The process ensures that
revenue-producing opportunities are not overlooked.
Financial Budgets
We utilize a zero-based process whereby all expense line items are
scrutinized. Projected profit margins are compared to similar
properties and prior years' results. ROI is reviewed relative
to all discretionary spending.
Capital Budgets
We do an extensive capital review of the property by going through
each guest room/suite, and public areas with a detailed check list,
as well as a detailed review of all roofs, HVAC systems, ADA
compliance, etc.
Monthly Reporting
Although monthly reporting packages can be customized, Oak's monthly financial statement package is forwarded to owners on
a timely basis and includes the following reports:
- A written and graphical summary of the prior month's results
- Current month and year-to-date summary and detailed P&L,
as well as operating statistics -- all compared to budget and
prior year results
- Balance Sheet
- Statement of Cash Flow
- Capital Budget Activity Report
Management Company Contract
Oak dedicates a single corporate executive (Ray Rickards) who is
responsible for contacting all hotel owners regularly to provide
updates on all property-related issues and to proactively address
any owner issues and always makes himself available to take your
calls. Face-to-face meetings are scheduled as often as
requested and/or needed by owners.
Takeover
After takeover, a follow-up report will be prepared detailing all
areas that were addressed during the takeover period and short-term
potential "red flag" items.
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