Renaissance Las Vegas
Located steps from the iconic Strip, the Las Vegas Convention Center and the Las Vegas Monorail, the Renaissance Las Vegas is a chic, ultra-modern hotel.
HEI targeted a high-quality, non-gaming Renaissance hotel adjacent to the Las Vegas Convention Center that offered substantial operational upside through a transition to HEI’s expense structure and revenue management approach. We also recognized an opportunity to utilize HEI’s corporate F&B team to re-concept the venues to enhance the guest experience and significantly lift profitability. We then approached a capital partner with our business plan to pursue the acquisition with.
HEI Value creation
Upon implementing HEI’s operating platform tools, resources and strategies, the hotel was able to immediately maximize its cash flow potential. We right-sized expenses through HEI’s unique staffing model and expense management approach, eliminating more than $2.8 million of unnecessary recurring operating expenses. Additionally, implementing HEI’s proprietary revenue management tools, combined with our deep understanding of the Marriott reservation system, led to a quick lift of 6 points in market share. In total, along with our successful F&B repositioning, the NOI grew more than 63% within 2 years, positioning for a sale achieving a 47% IRR. Our capital partner added significant value throughout the execution of the business plan, and we have gone on to complete 6 additional investments with them.
other case studies
Start the Conversation
We know what it takes to make Art and Science work together to maximize hotel real estate value. Ready to discuss it?