- Fairmont Austin is a 1,048-key luxury hotel with a 522-space onsite parking garage. The hotel offers valet and self-park services to hotel guests, event patrons at the adjacent Convention Center, and the general public.
- During large events and busy hotel weekends, the garage regularly fills to capacity and the hotel utilizes nearby overflow lots to accommodate vehicles. This negatively impacted service levels in the past.
- After delivery in March 2018, the garage struggled to maintain an efficient staffing model while providing best-in-class service standards. This led to extended valet wait times, inadequate guest interactions, increased hotel adjustments, and poor garage conditions.
Parking Advisors performed a Value-Add Assessment and provided ongoing Asset Management services.
- Reduced Staffing Costs – As a result of Parking Advisors’ competitive RFP, process, labor burden rates were reduced from 38.0% to 27.5%, with an annualized NOI impact of $70,000.
- Increased Overnight Parking Rates – The overnight parking rates charged were up to 40% below market for peer hotel properties. Parking Advisors’ recommended rate increases that generated $120,000 in annualized revenue.
- Decreased Hotel Parking Adjustments – Parking Advisors identified operational and service issues, and remediating these resulted in a 155% decrease in hotel adjustments. In the first year of engagement this generated $85,000 in annualized revenue increases.