Lake Geneva, Wisconsin
The Cove of Lake Geneva, the largest full-service property in a bustling downtown lakeshore destination, hit hard times following the 2008-09 recession. The condominium association was ultimately controlled by a receiver who immediately hired IDM to right the ship.
IDM brought on a seasoned General Manager to deliver service that attracted a predominately well-heeled Chicago clientele. We then assessed the operations and property, encompassing every inch of the hotel’s 222 individually owned condominium guest suites, indoor and outdoor pools, onsite restaurant, banquet and meeting spaces. IDM communicated with owners and the board, established sound accounting and bookkeeping records, developed a capital improvement schedule and cash flow analysis, launched a new website and actively managed revenue to increase cash flow.
With extremely limited working capital, IDM was able to reposition the property, increase revenue and work with the Hotel Receivership to pay off the entire debt due in a year’s time.