All Horwath HTL Product and Services

The global leader in consulting

Our experience has helped us to develop a range of products for all markets and all parts of the cycle. These services are backed by a level of expertise that goes beyond operational support or asset management, thanks to our relationship with Crowe Horwath International, one of the world’s largest financial service organisations.

Accountability Review

We can provide you with a full financial and management accountability review of your business. A comprehensive report will outline its strengths and weaknesses and specify areas where improvements can be made.

Appraisal Reports

Hospitality properties need to be valued on a going-concern basis, which makes their appraisal a complex task requiring particular expertise. Our team of credentialed specialists are not simply experts in valuation methodology but understand everything about hospitality operations and market trends. Their in-depth knowledge has earned them the respect of all those involved in the industry, from property owners and commercial lenders to insurance providers and government bodies.

Asset Management

With our hospitality expertise, extensive operational experience and deep-rooted analytical abilities, we can act as owner representatives and take an assertive approach to implementing strategies and practices to improve cash flow, maximize returns and enhance long-term asset value.


A wealth of data gathered from all areas of hotel operation allows us to benchmark everything from P&L to cash flow and productivity. We can provide the essential information that will help keep your business running at its absolute best.

Best Practice Analysis

Our hotel experts know what it takes to ensure top performance in all areas of your business. We will evaluate, explore and make detailed recommendations on how to improve business performance, whilst evaluating your internal processes against the best the industry can offer.

Capital Expenditure Cost/Benefit Analysis

With our broad-based financial expertise and long experience of the hospitality industry, we can provide a thorough and independent cost/benefit analysis of your capital expenditure plans, to ensure that you are using your capital as efficiently as possible.

Corporate Mergers and Acquisitions Advisory

Experience over many years in more than 50 different markets, with both single asset and portfolio transactions, qualifies us to offer expert advice for buyers and sellers looking to expand or divest their hotel portfolio

Destination and Large Scale Project Master Planning

Our experience of large-scale destination and project planning is unrivalled. Using exhaustive site and market analysis, we can determine the viability, from a financial and investment perspective, of any development opportunity. Adopting an approach that’s as detailed as any individual project feasibility study, we further analyse the performance of similar regional and international projects. Frequently working in multi-disciplined planning teams, we can generate market-driven, land-use master plans that incorporate components from different real estate sectors.

Due Diligence

If you have a prospective purchase in mind, we can help to validate your decision to buy a particular business by investigating its financial situation, legal obligations, customer records and other documents, plus any other material circumstances.

Facilities Programming

Facility Planning/Programming is the first step in the traditional design cycle and when it comes to hotel projects, we are the recognised leader. The process determines what is required of a proposed new or remodelled building by its users and other interested parties such as its owners, managers and the general public.  Our report will contain the agreed organizational, operational and functional requirements for the building and provide the starting point for the final design.

Highest and Best Use of Land Analysis

We investigate whether proposed hotel developments meet strict criteria, are legal, physically possible, financially feasible and make the most productive use of the land. Our reports are recognised as the industry standard, accepted by banks and other financial institutions and recommended to developers and constructors before commencing any project.

Hotel Management Company Selection and Contract Negotiation

Selecting a management company (for hotels, resorts and serviced apartments) and negotiating a management contract are vital to achieving the optimum ROI and maintaining asset value. Even the most experienced owners and developers can find this increasingly challenging but we understand exactly what’s required and can help you get it right.

Insolvency / Receivership

The hospitality industry is a management intensive business that requires specialized skills and diligent oversight, especially in difficult economic times. Whether you have litigation issues or need assistance with dispute resolution or capital restructuring, our experts can help you achieve a positive outcome.

Our team has hands-on experience in supporting owners and lenders in need of: receivership; bankruptcy services; asset management; property management; litigation support; expert witness testimony; property tax appeals; and disposition services.

Investment and Divestment Strategy

We have a proven track record in providing first-class advice to a wide range of clients including banks, real estate and hotel owners and financial investors. We can suggest a clear investment strategy that takes account of current market conditions, client requirements and the business cycle of the market under consideration.

Litigation Support

We can help with every facet of litigation. Our seasoned industry professionals have operational, marketing, financial, valuation, investment sales and development expertise. Our team includes certified public accountants that can assist with private and public company litigation or audit matters. Our valuation services can support conclusions regarding loan defaults, revenue losses, bankruptcies, refinancing, workouts, and other ancillary valuation matters. Our consultants can develop detailed strategies and provide expert witness testimony to support your legal position or evaluate the opposition’s, so as to frame a defensible counter argument.

Loan Underwriting

Our loan underwriting teams work with financial institutions to provide independent verification that a requested loan, borrower, property, and documentation all meet the lender’s requirements.  We examine the borrower’s credit and income to determine their ability and willingness to repay, as well as reviewing the value and condition of the collateral.  We also examine the title to ensure the lender obtains the proper lien position and verify the identity of the borrower and property owners.

Loan Work-out

Our experts can help in the planning of hotel asset debt restructuring in the face of foreclosure.

Market and Financial Feasibility Studies

Our insightful and independent feasibility studies are renowned. As impartial and informed assessments of project viability, owners, developers, investors, operators, lenders and other interested third parties when making planning, investment and/or financing decisions rely upon these studies. Identifying and defining the specific development or property repositioning opportunity is a key part of the feasibility process. We bring to that task an unrivalled understanding of the market and competitive environment. That derives from our regional experience, market research and analytical capabilities. We can make recommendations regarding the project concept and facilities to maximise its long-term competitive advantages, cash flow and on-going value.

A credible feasibility study is a critical first step in any project and is usually required by: Owners and Developers for internal project review; Financing Institutions and Investors for investment decisions; Hotel Management Companies for project evaluation; and Architects & Designers for facility requirements and design parameters.

Market Entry Strategy

We have local experts in offices around the globe with an unrivalled long-term and in-depth experience of their home markets. Drawing on their expertise, we can produce an incisive examination of the case for entry into any market, based upon supply, brand saturation, opportunities within a particular market segment, SWOT analysis and your financial goals.

Operational Reviews

These involve an intensive analysis of a hotel’s business and form the foundation for the development of operational strategies to improve profitability. They may include:

  • Evaluation of the hotel’s market positioning.
  • Analysis of all operating manuals, sales and marketing plans, financial history, budgets, policy and procedure manuals, labour agreements, the resumes of key management team members, and other documents that relate to hotel operation.
  • Interviews with managers, department heads and selected line employees to determine their responsibilities and ways of working.
  • Reviewing the property’s various systems and controls, evaluating its revenue generating capabilities, establishing cost-containment procedures and cash flow targets and goals, and benchmarking performance, revenues and expenses.

Owner Representation Property Tax Appeals

Property values have declined dramatically in the last couple of years and all owners should be aiming to reduce their property tax. To achieve this, you need an expert appraisal of your property’s value, which your property tax consultant can use to make a compelling case to your local tax authorities.

We have conducted over 200 hotel appraisals and have expert MAI appraisal staff that can conduct asset or residual land valuations as well as fully qualified FIRREA appraisals. In addition, our affiliated national real asset brokerage firm can prepare opinions of value. Given our broad hospitality experience, we can also review appraisals that have been made by others with less industry experience.

Pre-lending Review

We provide practical pre-lending advice to borrowers and lenders, whether the finance under consideration is for expansion, acquisition or changes to an existing facility.

We can advise on all aspects of a funding proposal from assessing the underlying health of a business and any security and serviceability issues, to protect the lender, to recommending structure and pricing for particular facilities. We can also play an important role in ensuring that both borrower and lender understand deal risks, pricing and future expectations.

Product Conceptualization

With our experience of many thousands of hotel and mixed-use developments, we are uniquely qualified to help with developing the concept for your project. The service we provide harnesses the skills of the very best designers, architects and project managers and goes beyond the essential pre-development work of feasibility studies and use of land analysis.

Project Capitalization and Financial Structuring

We can help with project financing in a number of ways:

  • Sophisticated financial modelling and sensitivity analysis offer detailed advice on the most cost-effective financial structuring and project financing combinations.
  • Financing companies and funding institutions considering an investment may insist upon our highly respected feasibility and asset valuation reports.
  • Our established contacts with a vast network of investors, institutional funds and investment brokerage firms offer an effective entry point for clients and potential funding sources.
  • We co-host and sponsor international conferences that bring together the industry’s biggest players, including the world’s top hotel management companies, investors, lenders and developers, to discuss emerging regional and international trends and network regarding specific projects and opportunities.

Repositioning Strategy and Analysis

When it comes to developing a re-positioning strategy to maximise the value of a property, we are the acknowledged experts. Market conditions, a change of ownership and faulty branding can all contribute to underperformance and our skilled teams work with owners to identify the problems, then recommend and implement a strategy with the best chance of success.

Residual Land Valuation

Horwath HTL appraisers are experts in residual land valuation and will be quantify the sum of money available for land purchase based on the completed development minus the costs of development (including profit). Our experience lies in the estimation of inflation, finance terms, interest and cash flow against a programme timeframe.

Strategic Management and Planning

Our experience in strategic planning and implementation is extensive and we can work together with your management team, or directly with the Board, to evaluate your strategic and change management strategy.

Tourism Development Strategy

We work with local or national tourist organisations, countries, regions or communities, providing a thorough diagnosis of the territory in question, and a proposal for developing a tourism and leisure strategy with a five to ten year action plan. If required, we can also create a master plan for strategic sites and carry out an audit of existing tourist operations. Further work could include the development of a brand strategy for the territory and its implementation over a one to three year period.

Tourism Economic Impact Studies

Our reports consider a whole range of impacts, including the revenue generated directly by tourism, the indirect effect of new employment opportunities and spin-off benefits such as increased tax revenue and new investment. In addition, we are able develop an action plan to ensure that your territory maximises any potential economic benefits.

Tourism Public Policies Evaluation

Having defined exactly what evaluation issues need to be considered, we will produce a report that provides definitive answers based on extensive fieldwork, including surveys and interviews. If required, we can then build on this work to develop proposals to improve the relevance, effectiveness and coherence of the existing public policies.

Tourism Brand Strategy

Our worldwide presence gives us a unique perspective on the challenges of creating a distinct brand in highly competitive global marketplace. The report we provide includes a thorough analysis of your territory’s existing brand values and identity plus a strategic plan for achieving and maintaining a more effective positioning.

Transaction Management and Closure

We will work with the buyer or seller to make every transaction as smooth as possible. That includes advising on correct process, due diligence and helping you through the final, often complex financial stages when great skill and subtlety is often needed to achieve the desired result. Our unique strength lies in our unparalleled experience of all kinds of transactions in every possible market condition.


Whether it’s a single property or an international portfolio, we can provide an independent and fair market valuation. The valuation team includes RICS and MAI accredited experts with many years’ experience in the market and an extensive knowledge base on which to draw. Our services include:

  • Valuations of hotel management and franchise companies
  • Real estate tax assessment appeals and expert court testimony
  • Expert valuation testimony for foreclosure and bankruptcy proceedings
  • Short form annual valuations for account purposes, for investors, operators and owners.
  • Feasibility studies, undertaken worldwide, on the viability of new developments, conversions and existing operations.
  • Expert Witness /Rent Reviews/Lease Renewals. Acting on behalf of landlords and tenants, as well as investors and insurers.