The Normandy
- In 2013, prospective owners engaged Modus Hotels to conduct due diligence
- Modus identified 4 cost opportunities:
- Excessive breakfast costs
- Inflated housekeeping payroll
- Excessive laundry costs
- A poorly managed “Wine Hour”
- Modus assisted in capital raise
- New owner named Modus as hotel manager
- Sold in 2017, resulting in a 19.5% IRR.
- Modus led disposition process
- Modus re-selected as management company after hotel was sold in 2022.
