BOSTON & PHOENIX--(BUSINESS WIRE)--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. 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’s ownership accounting services include:



  • Hotel partnership and corporation books and records maintenance;


  • Fixed asset accounting;


  • Cash flow forecasting;


  • Audit, tax and debt compliance;


  • Acquisition and disposition proration language for purchase and sale
    agreements, as well as related calculations;


  • Bond indenture compliance and forecasting (for publicly-owned hotels);


  • Custom engagements.

“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.

Ledoux brings a CPA designation and 25 years’ experience to her role as

chief financial officer for CHMWarnick. She has experience with a

multitude of ownership structures, including pension funds, REITs, joint

ventures, LLCs, partnerships and corporations, and is familiar with the

accounting systems and reports generated by all major brands. Ledoux’s

expertise includes balance sheet review, audit oversight, contract and

loan compliance, working capital and creative cost savings/risk

mitigation strategies. She has actively participated in hotel

refinancing efforts for multiple portfolios and is experienced in hotel

transactions, including document review, proration calculation and

promote planning. She is a member of the AICPA, a regular speaker at

industry conferences and a contributing author on hospitality industry

finance and accounting issues.

About CHMWarnick

With nine offices nationwide, CHMWarnick is the preeminent provider of

hotel asset management and owner advisory services. The company asset

manages over 70 hotels comprising approximately 30,000 rooms valued at

roughly $15 billion and is advising on development projects valued at

over $2 billion. CHMWarnick’s hotel

owner advisory services include asset management, hotel planning and

development, acquisition due diligence, owner-entity accounting,

management/operator selection and negotiation, capital planning and

disposition strategy. For more information, contact 978.522.7002 or

For the latest company news, follow CHMWarnick on Twitter @CHMWarnick

Contacts

Chris Daly, Daly Gray Public Relations

703-435-6293