Negotiating and Managing Property Improvement Plans

Holland & Knight will host a program in partnership with Prism Hotels & Resorts titled "Negotiating and Managing Property Improvement Plans." Global Hospitality, Resort and Timeshare Senior Counsel Nina Eldred will moderate the program and Partners Joe Guay, chair of the firm's Real Estate Group, and Stephen Shapiro, chair of the firm's Construction Group, will speak on the panel.

After years of property improvement plans (PIPs) being deferred, PIPs are back and being required to bring hotels back up to brand standards. Panelists will discuss issues owners, operators and lenders may face when dealing with PIPs, including:

• scope - how to negotiate what work should be done, which items add value to the bottom line and which items may add costs to operations
• timing - which items can and should be deferred and which items are critical in today's competitive market
• cost/benefit analysis - which PIP components add the most benefit to a hotel and what are the potential unforeseen costs associated with PIPs
• negotiating the documentation - how to balance both brand and owner expectations