Full-Service Hotel in Tampa, FL
- Background: Driftwood saw potential to reposition the demand of the urban/downtown market in Tampa, FL and decided to acquire the largest convention center hotel in the central business district.
- Action: Taking an entrepreneurial approach of this 520-key full-service asset, we implemented productivity management tools and executed effective centralized controls that provide state-of-the-art corporate services including accounting, payroll, data processing, purchasing, technology, HR management, legal and quality controls.
- Results: Since the property undertook Driftwood’s management, NOI grew by 200%, improved GOP % from 29% to 40%, increased NOI margin as a % of Revenue by 10%, reduced F&B expenses by 14.4%, and reduced room turnover cost of 16%.