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Think of an Institution’s responsibility to its stakeholders in adopting
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About The Leadership Team
Michael Hardisty, CEO, is a multi disciplined 35-year
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Services
Hardisty Baxter partners with clients to provide comprehensive asset strategic
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Case Study Successes
Grand Palazzo Hotel (now The Ritz-Carlton St. Thomas)
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Grand Palazzo Hotel (now The Ritz-Carlton St. Thomas)
(180 rooms), St. Thomas, U.S. Virgin Islands. Client – Bank of America. 1993 – 1996 (Pre-foreclosure through post-foreclosure). Served as the interim resort operator charged with optimizing the eventual sale proceeds and minimizing operating funding during the receivership/foreclosure period. Increased revenue more than 70% in the first 12 months while increasing productivity and flow through, thereby adding significant value. Operated the property through Hurricane Marilyn. Negotiated business interruption insurance and provided complete renovation estimate. Facilitated sale. |
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Ritz-Carlton Kapalua
(445 rooms), Maui, Hawaii. Client – Nissho Iwai. 1995 – 2000. Renegotiated management contract with Ritz-Carlton, truncating term coupled with a performance provision. Restructured and renegotiated the land lease. Negotiated a new collective bargaining agreement. As asset manager, worked with Ritz-Carlton to increase NOI by roundly $5 million through focus on group sales production and yield management, prudent cost containment, construction of a meetings pavilion, weatherproofed venue, spa development, implementation of a resort services fee, and preparation and completion of a mission critical capital program with positive return on investment. |
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Hyatt St. John (now the Westin S. John)
(174 rooms & 92 villas). Client – Skopbank. 1995 – 1997. Took control of asset immediately following Hurricane Marilyn. Participated in the precedent setting termination of the management contract with Hyatt. Managed transition from Hyatt to Independent during and through resolution of Skopbank v. Hyatt. Prepared/quantified damage assessment. Restored Property as Construction Manager. Oversaw closed Property, including 100 retained employees, as Interim Operator for twelve months. Prepared and negotiated business interruption claim. As Broker, prepared Property for disposition and conducted buyer tours. Provided critical assistance in negotiating transfer of Industrial Development Commission business tax exemptions to buyer (a condition of sale). |
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The Hotel del Coronado
(690 rooms), San Diego, California. Built in 1888 the Property has 60,000 square feet of meeting space. As Owner/Operator purchased the Property from Travellers in 1997. The Hotel had been managed on an aggressive cash flow basis for a prolonged period resulting in market high occupancy, market low ADR, and a deteriorated physical facility that had dramatically affected the positioning and market of this classic seaside resort. In addition, the relationship with the community had been adversely affected by three attempts to entitle an expansion plan.
Developed and executed a business plan to invest $70 million to restore and improve the physical facilities while concurrently elevating service levels to compete for group and leisure business in an aggressive competitive set. This required significantly restructuring a legacy collective bargaining agreement. After the most severe periods of intrusive restoration and labor negotiations the Del Coronado achieved double digit increases as market leader in RevPAR through both the technology market declines and September 11.
Concurrent with the above, a master plan was developed, entitled, and vested over 20 years, overcoming substantial initial community objections. The plan represented a potential investment opportunity of over $300 million. The fully entitled property was sold in late 2003.
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Four Points by Sheraton Los Angeles Airport
(570 rooms), Los Angeles, California. Partner: ING. Acquired the independent Continental Plaza in 1998. As Operator and Construction Manager prioritized the $17 million renovation to be “mission critical”. Rebranded/repositioned the Hotel from down market independent to Four Points Brand effective January 2000. Served on Four Points Brand Advisory Board. Improved RevPAR 11% per year from 2002 through 2006 while maintaining annual occupancy over 95%. Sold Hotel in 2007 consistent with exit strategy plan. |
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Ritz-Carlton Mauna Lani (now the Fairmont Orchid at Mauna Lani)
(540 rooms). Client – Dai-Ichi Kangyo Bank. 1994 – 1995. Maximized value during Dai-Ichi Kangyo’s short hold period. Brokered and negotiated the sale to Colony Capital. Facilitated the transition from Ritz-Carlton to Sheraton with special focus on maintaining future group and transient room nights given the proximity to and similarity with the Ritz-Carlton Kapalua where Ritz would continue to be involved. |
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