Niche Advisors’ foundation is rooted in hotel parking. Our parking consulting services provide solutions to the challenges faced at any stage of the hotel life cycle.
Feasibility and Appraisal. We provide owners, developers and/or lenders with a full service real estate appraisal or feasibility analysis of a hotel parking facility to facilitate the sale, purchase, development or financing decision process.
Development Planning. We assist owners or developers with the planning and entitlement processes required for approval of their concept. This can include quantifying parking demand and hence parking inventory size, expert witness testimony in zoning and planning discussion or appeals, traffic flow and layout planning, parking facility FF&E procurement, etc. We also assist in the pre-opening process with hiring, training, procedural development and our other consulting offerings.
Procurement. We draft specifications and issue requests for proposals for either parking management outsourcing or for parking technology procurement. We manage the RFP process through to execution of an agreement with the vendor.
Operations Assessment – The Asset Management Review. The Parking Asset Management Review is a full assessment of all facets of a parking operation with the goal of identifying potential opportunities for financial and operational improvement. We examine procedural, contractual, technological, and financial methodologies to identify ways which our best practices can yield gains. This process is completed by collecting and analyzing financial and contractual data, by conducting on site interviews and audits, and by compiling our findings and recommendations into an Asset Management Review report. The report is shared with our client as an outline for a successful parking asset management plan. Typically, our clients retain us to implement this plan, but the report can also be used for internal implementation if so desired.
Operations Improvement & Redesign. We take the recommendations made in the assessment project and implement them on behalf of our client. This can include the oversight of a parking management company, the implementation of new parking technology, or the implementation of internal control procedures or other operational enhancements with in-house parking teams.
Parking Asset Management. Just like hotel asset management services, parking asset management provides hotel clients with the resources and expertise needed to ensure that their asset value is maximized over an extended period of time. Essentially, Niche begins by providing all appropriate consulting projects listed above, but once these projects are complete Niche stays involved on an on-going basis. We monitor the results of operations from both financial and guest service perspectives, ensuring that all improvement initiatives are executed and adhered to. We review monthly financial statements and follow up as necessary. We conduct on-going audits and site inspections and make necessary adjustments to ensure long-term objectives and goals are met. Our goal is to ensure that our clients’ parking assets generate the best financial returns year after year.