CHMWarnick Launches Proph+IT Technology Platform Hotel Asset Management 2.0

CHMWarnick, a hotel asset management and owner advisory services company, announced the launch of Proph+IT™, a technology platform that harnesses the power of big data from an ownership lens to optimize hospitality investments and has the potential to redefine asset management as the industry knows it today.

For years the hospitality industry has been struggling with big data, from how to acquire it to who owns it and to how to truly use it to one’s advantage, CHMWarnick said. Proph+IT™ was created specifically to take large amounts of property data and distill it through an ownership lens, to effectively and strategically utilize the information. With this platform, the Proph+IT™ asset management team can quickly and confidently analyze information, including automated alerts of trends and key variances, to better focus on a property’s profitability and value enhancement.

Proph+IT™ was custom developed to create the ultimate asset management tool. Data is provided directly from management companies, populated with millions of data points from each hotel’s trial balance, across historical and current monthly financial data, as well as forecasted performance. This data is then automatically coded to CHMWarnick’s chart of accounts, making it detailed benchmarking and analytics. The platform was created to evaluate numerous industry issues, including gaining complete financial data access beyond the typical “owner’s package P&L” and affording the most comprehensive and intuitive analysis and monitoring system of financial performance trends possible today.

The proprietary platform, available exclusively to CHMWarnick clients, draws from a database of more than 3.5 million data points, with approximately 150,000 to 300,000 data points added each month. The system ultimately will track all current and new hotels that come into CHMWarnick’s asset management platform, as well as data provided by major brand operators and third-party managers, alike.

Fully integrated, the system will comprise more than 70 hotels, including full-service, select-service, convention, luxury, union/non-union hotels and destination resorts, providing powerful benchmarking capabilities and efficiencies, saving the roughly 2,000-man-hours required annually just to produce models and reports for assets in their current form, CHMWarnick noted. When one factors in time saved producing portfolio-wide analyses, benchmarking and expanding versions of current reports, companies will see vastly improved speed with respect to identifying opportunities across CHMWarnick's asset management portfolio. This creates considerably more time to dedicate to examining trends and drawing correlations from data, rather than inputting. Furthermore, the average window by which asset managers can access property data each month has been reduced by about ten days through this automation. Proph+IT™ saves time by accessing and synthesizing a trove of data in a fraction of the time.

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