EHT to implement property manager changes in Q2

The property management of its three Denver assets will consolidate.

Eagle Hospitality Trust (EHT) will have three of its property managers undergo changes in Q2, to maintain its portfolio performance amidst uncertainties surrounding the impact of the Covid-19 virus, according to a press release.

This includes the consolidation of the property management at EHT’s three Denver assets. The property managers were picked by Urban Commons, EHT’s sponsor and master lessee.

For the same reason, two of its brands will undergo brand realignment strategy for 2020 and 2022, similar to the rebranding of The Renaissance Woodbridge hotel to Delta by Marriott Woodbridge in Q3 2019.

Further revenue improvement strategies include an income-guaranteed parking management contract with a third party operator at 12 hotels starting April, a supplemented sales force, and revenue management support through major brand partnerships.

It will also have new corporate revenue directors in Urban Common’s operational team, a revenue enhancement team, and a bolstered events department.

EHT also implemented cost-saving initiatives, including expense reduction strategies as part of a formal competitor analysis done in conjunction with an independent consultant, energy cost reductions in deregulated markets through partnerships, portfolio-wide labour savings initiatives, and county and state tax assessment appeals through independent tax consultants.