Assured Hotels were initially required to conduct an overview and report on the current operational situation on behalf of National Asset Management Agency (NAMA) who had a £220M loan against the business.
AH initially gave strategic advice on the entire portfolio of 500 Apartments located in London, but was also engaged on a management agreement to run a number of the apartments situated on Tower Bridge Road London, on behalf of the administrators Duff and Phelps. Following conversations with Duff and Phelps it was decided to trade the units developing an autonomous business which in time could continue to operate or if decided could be split off without the huge cost of brand separation. Whilst some of the apartments would continue to be let on an AST residential basis the remaining apartments would then be sold at a higher daily rate as essentially hotel rooms.
To this end Aparthotels London was created and AH rapidly implemented operational systems including IT, labour, sales and marketing. Management time was invested to set up a business from nothing along with a website and online platform for bookings and various routes to market have been opened.
The project was concluded in October of 2014 with the successful sale of the properties to Starwood Capital resulting in NAMA receiving 100% of the loan against the properties and a surplus of trading cash profit form the apartments to which AH traded.