What we Do
We Buy and Sell Hotels
We buy hotels and sell for more than what we paid, within a three to five-year window. We are equity partners with varied institutional investors.
TCOR employs a rigorous investment strategy. We find hotels that have current positive cash flow. We explore whether there is sizable upside improvement potential that can be realized through our three-pronged approach to hotel ownership.
- Focus on the top line.
- Achieve maximum operations efficiency.
- Re-position, re-brand and renovate.
Typically, we hire a new and trusted hotel management company that is experienced and skilled at executing the chosen brand’s standards. We like management companies we have worked with before and know the specific market well. That way, we know they are also experienced and skilled at … and will flourish under … TCOR’s intense oversight.
- Thriving locales with a population of at least 100,000 and growing.
- Evident, many and varied demand generators including Leisure.
- Suitable for a nationally branded premium select service flag
- Generating cash flow
- Clear opportunity for operational efficiencies
- Potential for renovating and re-positioning.
These standards present high hurdles. We work diligently to find investment opportunities. Our deep and long-time relationships in the hotel broker and investor communities often surface opportunities before they are marketed to the public. Individuals we dealt with at brand management levels years ago are now in the C-suite at major hotel companies and just a phone call away. We leverage these relationships of mutual trust and respect to the benefit of our investments, the flag and management companies.
plan of action
How We Do It
The TCOR team knows the business.
A quick glance at our resumes will reveal 103 years, combined, in hotel leadership. It is our mission to bring that expertise to bear in every significant transaction at the hotel operations level.
We require approval of both the General Manager and the Director of Sales appointments.
It is said that top-line revenue cures all ills. Not all, but intense revenue scrutiny from ownership is a critical component of TCOR success.
In addition to their many years in hotel development, Debbie Feldman and Joe Corcoran have been Directors of Sales and are keenly aware of how much a hotel’s revenue performance is dependent on the skills and attention of the Director of Sales. They know the questions to ask, and do not hesitate to ask them.
We do not just ask questions at the occasional quarterly meetings, we participate in weekly revenue management calls and monthly management and sales conference calls and meetings, throughout the year. Our sales oversight is intense and unrelenting on behalf of our investor owners. TCOR has gained tremendous respect from the various operators and their oversight and asset management is well received and appreciated.
While revenue cures many ills, our laser focus attention to the operations side of the business is also unrelenting. Every service contract is reviewed, and every vendor contract discussed with an eye toward maximum efficiency. We bring the GM along with the regional or national brand representative to the table to sort our property challenges.
Our intense operational oversight works. We were never more tested than in the unprecedented year that was 2020.
"During Covid, we didn’t make a single cash call to our equity partners.”
Tom Corcoron, CEO
The dynamic team of TCOR Hotel Partners will bring their hotel asset management expertise to properties owned by others too. We treat every property like it’s our own. TCOR’s fee-based Asset Management services include:
- Frequent interaction with management companies, general manager, and director of sales at the hotel including site visits and monthly P&L review
- Focus on increasing cash flows
- Overall approach of property positioning and P&L maximization with appropriate cost/benefit decision making
- Approval of G.M. and Director of Sales
- Reduce costs with vendors after acquisition of property
- Ensure optimal staffing plan
- Align with efficient leading management companies for leverage in staffing, purchasing, etc.
- Focus on low cost distribution channels
- Participate in weekly revenue management call to review pricing and implement strategy
- Focus on stay pattern management to maximize occupancy and rate
Financial and Capital Strategies
- Consistent review of capital needs to ensure quality
- Review of ROI for all investments
- Proactive capital program to minimize large expenditures