Services

Hotel Development

First Carolina Management offers hotel development from inception to opening. Currently ten of our eleven managed hotels have been developed from the ground up. We do intensive site reviews and work with various architects, engineers and builders to design and build the best hotel at the right location for your investment dollar. We create operational and construction budgets as well as break-even analyses and stabilization budgets. First Carolina Management has a strong, lengthy relationship with several banks and will work diligently to arrange the best available financing package for your project. During the construction phase, we use an intensive construction cost analysis to keep the project in line with the construction budget.

We are experienced in opening many different franchised hotels and understand the importance of opening hotels on time and on budget. First Carolina Management takes great pride in the development of all its hotels. We strongly believe in being forthright with you and will advise you if a hotel development project is not in the investor's best interests.

Hotel Acquisition

First Carolina Management can help with acquiring an existing hotel with thorough evaluation of the hotel's past, current and potential future financial performance. We also evaluate the hotel's market, determining any necessary changes to the hotel to allow it to perform at its greatest potential. Once this evaluation is complete, First Carolina Management determines the value of the hotel as it relates to the best value for your investment dollar. If the decision is made to purchase, we work to get you the best negotiated price.

Hotel Brand Conversion

Whether you own a hotel or are looking to purchase a hotel that is in need of a franchise conversion, First Carolina Management can rely on its successful experience in determining which franchise is the best fit as well as in completing the conversion in a timely and efficient manner.

Hotel Turnaround

First Carolina Management provides a turnaround program for bringing underperforming hotels back to profitability. We will identify weaknesses in the business and propose appropriate solutions using a specific detailed review and action plan consisting of the following:

Sales, Marketing and Pricing Strategy: First Carolina Management will review the hotel’s resource allocation to sales and marketing. All of the hotel’s marketing tools and procedures will be analyzed. We will review the hotel’s performance against its competitive set in the market and determine if the hotel is getting its fair market share. Based upon our findings, First Carolina Management will prepare and put in place a detailed marketing plan for the hotel.

Operational and Expense Management: We will review the hotel’s operating expenses, budget and cash flow performance. All operational aspects will be reviewed and both excessive and deficient expenses identified. We will determine what operational controls are needed to correct operating deficiencies and where any expense consolidation can be implemented. All personnel and purchasing areas will be reviewed for efficiency.

Customer Service: We will look at the hotel from the eyes of both the hotel guest and the investor. We will review customer service in all areas of the hotel to assure that proper service is given at the highest possible level. Quality and professional customer service is key to returning guests and maximizing investor returns. We will insure accountability in the job performance of all employees.

Hotel Divestiture

Things change. Whether it is due to the changing needs of the investor, the market, the franchise or the hotel itself, the time may come for the hotel to be divested. Our extensive performance review processes can help you with making this decision. First Carolina Management will utilize our bankers, brokers and other contacts in the hotel industry to complete this process.