Description: The 600-room boutique hotel portfolio was purchased by an institutional owner. The properties’ autonomous hotel and restaurant operations were integrated to leverage operating efficiencies and generate greater revenues. Operating at high occupancies, the ability to increase ADR was the main focus. Tactical rate strategy and implementation of a yield management system were the key objectives. As a result, RevPAR improvement for each of the hotels were above the competitive set and GOP increased 18% year over year through proactive asset management. During the sales process, CHIC worked with the buyer, attorneys and accountants on the purchase and sale agreement as well as the proration schedules and post closing issues.