Development of New Hotels or Purchase of Existing Hotels: Commonwealth and its affiliates will continue to develop new hotels or purchase existing hotels in selected markets that we identify as having the opportunity to provide superior investor returns.
Commonwealth grew up with the development of new hotels. Many of our properties have been built from the ground up. This requires skill in identifying the customer, and developing a marketing plan to attract that customer. This must be done within the parameters of a budget and financial Proforma in order to create a business. Over the years, Commonwealth has become skilled in this discipline.
We believe our real success comes from the involvement of all disciplines within the company. The lodging industry has become more complex, and technical services are a key part of construction and renovation. Most owners need technical expertise to plan and specify kitchens, laundries, computer and telephone systems just to mention a few. Our in-house expertise can frequently fulfill these requirements without the need for costly consultants. When consultants are needed or desired, our expertise serves to keep this cost in check.
When a project is conceptualized and a business plan created, we involve other in-house specialists including our purchasing and financial departments to complete a project. Once a project manager is named, our purchasing department works with designers and the project manager to create the desired design in a tasteful, durable and cost effective manner.
We have effectively utilized this process over the years to create attractive, market driven hotels, which drive strong financial results.
Some of our Technical Services include:
- Technical support for new design and construction
- Product Improvement Plans
- Project Management
- Purchasing and installation
- Design coordination