Asset Management: Thinking Outside the Box to Drive Profitability

Posted September 17, 2019
Hotel Advisory Services Hotel Consulting Srervices

What do you do with 20,000 square feet of windowless, interior space on the 13th and 14th floors of a fully operational, center city hotel to generate additional revenue? You lease it to Teatro ZinZanni, a 300-seat production that is a mash-up of burlesque, comedy, live music, acrobatics, European cirque, cabaret and a multi-course feast. The Seattle-based tenant opened their first Chicago production, “Love Chaos and Dinner,” to great acclaim this summer.

Murphy Asset Management creatively strategized about various ways to monetize a space many thought to have no use. Through networking and lots of brainstorming, the area was transformed into ZinZanni, featuring kitchen, dressing rooms, stage and the notable Spiegeltent ZaZou, is a Belgian mirrored tent that was sent to Chicago in two shipping containers and meticulously assembled on site.

Not only did adding this tenant provide economic benefits for hotel ownership in monthly lease payments, but also enhanced the hotel’s identity as being an integral part of Chicago’s Theatre District, increased hotel food and beverage potential and allowed for overnight packages.

The 199-room Cambria Chicago Loop, has been asset managed by Murphy Asset Management from inception through current operation. Through creative thinking and smart partnerships, Murphy Asset Management was able to drive more revenue opportunities, proving it to be a big win for all stakeholders.

Allow Murphy Asset Management to view your hotel assets through a different lens to drive guest experience and profitability.