HOTEL TURNAROUND CASE STUDIES
The record, property by property.
Selected results from Chris Wall's prior work. Property names are withheld for confidentiality.
Track record
California Hotel Results
NOI grew from $120K to $2.2M in 2 years
No renovation required
Weddings up from 38 to 55
TAKEAWAY: The fix was in operations
Vermont Hotel Results
NOI grew from $2.8M to $5.5M in 2 years
Targeted, strategic renovation
Group room nights up 27%
TAKEAWAY: Capital spent where it earns a return
North Carolina Hotel Results
$600 in-season average daily rate
Banquet and catering revenue up 70% in 3 years, adding $800K
TAKEAWAY: Banquet and catering became a second revenue engine
Missouri Hotel Results
Added a group business account generating more than $1M in annual revenue
TAKEAWAY: A base of business that holds in soft markets
DISTRESSED ACQUISITION AND RECAPITALIZATION
Michigan Resort
The situation
Long-standing independent resort in steep decline
Owner had no hospitality experience
Partially closed: no F&B and minimal events
More than two-thirds of rooms offline
No management in place
What was done
Sourced off-market through industry relationships
Acquired at $20K per key
Six-source capital stack: seller equity, senior loan, state economic development participation, franchise key money, brownfield incentives and common equity
Operator and General Manager installed before closing
$9.5M full renovation planned: rooms, F&B, public space and recreation amenities
Results before closing
$2.4M brownfield incentive approved
$500K of state-sponsored capital raised, with no equity dilution
Lender appraisal valued the resort 22% above the underwritten exit basis
$2.1M of pledged capital set to release on DSCR and stabilization milestones
Takeaway: Distressed hotels are rarely solved by one source of capital.
Disclosure
Results reflect Chris Wall’s professional experience at prior firms. Property names and identifying details are withheld for confidentiality. Past results do not guarantee future outcomes.
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