Adina Apartment Hotel
Budapest, Ungary
Apartment Hotel with 97 apartments, close to the city centre and CBD of Budapest in a residential area with access to the Danube river and very good traffic connections.
Initial status:
Completed in 2000 as the pitot project for the Australian group to test their European expansion intensions utilizing their matured experiences in construction (residential, office and apartment hotel), operation and management.
Pre-opening & Start up – 1,5 year
- Provided technical reviews during the planning and construction phase of the project to ensure coherence with operational needs and brand design standards
- Collaborated with construction project managers during the acquisition process of all FF&E items to minimize the investment cost by achieving design and operational targets.
- Selected key staff members
- Developed local S&M strategy/ procedures
- Implemented TFE’s KPIs - budget-monitoring-forecasting system
- Assured the fulfilment of time-schedules by effective task forcing
Operation - 7 years
- Prioritized sales channels and techniques to maximize revenues using empowerment
- Managed a sophisticated financial management system for budgeting, monitoring and forecasting to ensure data accuracy for the extension strategy
- Involved third party service partners (outsourced services like Housekeeping, Security, Internet provider) to enhance financial results
- Developed a 360° staff evaluation and bonus system combining qualitative performance of individuals with the quantitative performance of the team
Development – 8 years
- Scouting for new management opportunities in the CEE region
- P/L and CF calculations for potential new properties
- Participated the construction and start-up phase of the 2nd European property in Copenhagen
Achievements
- Successfully launched pilot project in Budapest
- The property arrived at top RevPAR (Revenue Per Available Room) performers in Budapest in 2nd operational year
- Fruitful collaboration with the group to contribute to their tangible extension in Europe
Photo: Adina Apartment Hotel Budapest