We have what it takes to help you be successful in every area of your operation. Our owners and investors are rewarded with strong financial returns and properties that increase in both market share and real estate value.
Blue Water’s centralized accounting structure is integral to effective cost control and to increasing your bottom-line. Our in-house team of accountants provides annual business plans, cash flow projections and operating forecasts, and ongoing financial reports to measure performance.
Blue Water’s commitment to technology and our Intranet site means efficient communication between central accounting and the property. This combination of planning, data creation and analysis enables owners to make timely and well-informed investment decisions.
To assure both a high degree of operating efficiency and administrative accuracy, an audit is conducted no less than twice a year. In addition to a thorough inspection of the physical property, the audit consists of a complete examination of the hotel’s cash handling and reporting methods, the accuracy of daily reports, and analysis of payables and receivables, a check of all employment records, and a detailed review of all front office and administrative procedures.
Both monthly and quarterly reports are prepared for ownership. These reports include an analysis of present, past and projected performance. The monthly financial statements include balance sheets, cash flow statements and income statements.
A quarterly report is prepared to show and explain deviations in the income statement from the budget, personnel changes, market conditions, sales updates and capital improvement expenditures.
Our marketing and sales strategies are people-oriented, measurable and effective. Our team, with years of hands-on experience, is uniquely qualified to help you reach your sales goals.
First, a comprehensive sales and marketing plan, the core of our strategy, is developed. It includes an evaluation of market competition, property strengths and weaknesses. Next, our corporate directors of sales and marketing work with each property’s sales managers to evaluate opportunities and develop targeted strategies and action plans to maximize contribution for each market segment. Our commitment to sales and marketing is bolstered by comprehensive sales training programs for all associates, as we believe that every hotel employee truly needs to understand how to generate revenue and grow the business.
Our experience in development and renovation keeps your property competitive in the marketplace. We have successfully spearheaded the renovation and refurbishing of many older properties, and have successfully introduced numerous new hotels, restaurant concepts, franchises and time-shares to the marketplace. In both new construction and renovations, we work closely with you to help manage the entire development process, from design, bidding and construction, to pre-opening sales and marketing.
In addition, our national purchasing program provides high quality products and services with volume-buying economies to reduce the operating costs for each hotel. Our state-of-the-art electronic purchasing network enables managers to access purchasing trends and monitor quality, price and delivery options. In addition, the system provides updated budgets on demand to take advantage of price breaks and vendor offerings.
Well-trained, highly motivated associates are what make an organization great. Lane’s human resources department makes sure you’ve got a winning team. We network to recruit professionals and work with colleges and universities to hire the brightest in the industry.
For new and seasoned associates alike, the training never stops. Our program is one of the most resourceful in the industry, and modeled to create loyalty and minimize turnover. Initiatives include everything from management training, computer training, and lessons in how to foster communication and resolve conflict, to our ‘SMILE’ program, to help associates hone their service skills with active listening, eye contact and other role playing techniques. Performance is measured via the ‘Scorecard,’ our innovative method for formally tracking key result areas. In addition, ‘Going for the Gold’ rewards outstanding achievers at the annual leadership conference.
Blue Water Hospitality has been aiding prospective hotel purchasers determine if the purchase price is based on “real” numbers. In order to build a trailing twelve month profit and loss statement, the company sends a team to the property and conducts a complete operations and accounting audit. Irregularities or adjustments to the numbers provided by the sellers are reported to the buyer with detailed backup. This service is also available to lending institutions who may be suspicious of or do not understand the results being reported by the mortgager.
By signing a management agreement with Blue Water Hospitality, a hotel becomes eligible to participate in the Group’s property and casualty insurance program. As the owner of the Inn On The Beach, Daytona Beach, learned recently, the savings can be significant. Prior to engaging Blue Water Hospitality, in January, 2007, the hotel paid annual premiums of $104,419. Through the Blue Water Hospitality’s program, annual insurance costs were trimmed 51 percent to $53,467, while improving the overall coverage. Very competitive rates are available to new hotel clients that do not possess unusual risk characteristics.