Number of rooms: 302 units including 33 suites and 91 Club rooms.
Food & Beverage: two Spanish/international restaurants (one seasonal in the garden), one bar, and a club room buffet.
Meeting space: 16 meeting rooms for up to 600 people (the ballroom has direct access to the garden).
Other services: a small fitness area (3 massage rooms, but no spa), and concierge desk.
Back of the house facilities: engineering, dry & cold storage, dock, large banqueting kitchens.
Opening year: 1953 and was fully renovated in 2002.
Some Key Highlights, Strategy & Improvements in addition to full Asset Management duties
- Global Asset Solutions’ team researched and got together with some of the most prominent Chefs in Madrid to develop a new Signature restaurant. The team investigated possible layouts and plans. We also looked at engaging an F&B consultant to develop an accurate and clear vision of what the market requires, and to establish an appropriate approach around the brand of choice.
- When ensuring that all financial controls were in place, we identified an old outstanding payment from a long- term guest and we ensured that the receivables were valid claims and properly supported. We usually reconcile on a daily and monthly basis (as appropriate). We ensure that credit has been granted in accordance with a formally approved credit policy and prudent business practices and the collection of receivables is reasonable and forthcoming. A reserve for doubtful accounts has been established and the reserve is reasonable.
- Global Asset Solutions company ensures that the fees of management agreement are calculated correctly and paid on time, that the recharges are reasonable and properly invoiced. We also check that the operator’s distribution networks are delivering the expected bookings and that the commissions paid are all justified. For instance, we picked up invoices for agency commissions which appeared to be duplicated. Subsequently the operator was informed and involved in the resolving of this issue.
