RITZ CARLTON RESIDENCES
ROLE
Engaged by a major real estate owner/developer to assist in the strategic evaluation, restructuring and development management of two Ritz-Carlton Residences projects.
OBJECTIVE
Evaluate, restructure and reposition projects to maximize investment.
APPROACH
Project 1 – Under construction upon engagement. Implemented restructuring, repositioning and development management. Acted as an advisor to the owner in negotiating the restructuring of the construction loan, including presentations and negotiations with the 14-member bank group.
Project 2 – In design and planning upon engagement. Redesigned the development to account for changes in the economy and market, providing for a phased project, with smaller, more efficient units. Developed new brand positioning and marketing campaign.
RESULT
Project 1 – Completed the restructuring and the loan extension; repositioned and relaunched the project. Madden played a critical role as a respected advisor in providing both the owner and banks with its development insights and operating plan for the project.
Project 2 – Revised and retooled the development plan to reflect the current market, as well as developed and implemented a new sales and marketing campaign.