CHMWarnick launched Proph+IT, a technology platform that uses the power of big data from an ownership lens to optimize hospitality investments. Data is provided directly from management companies, populated with millions of data points from each hotel’s trial balance, across historical and current monthly financial data, as well as forecasted performance.
This data is then automatically coded to CHMWarnick’s chart of accounts. The platform was created to evaluate numerous industry issues, including gaining complete financial data access beyond the typical “owner’s package P&L.”
“For years now, the hospitality industry has been struggling with big data, from how to acquire it to who owns it and to how to truly use it to one’s advantage,” said Fern Kanter, managing director/EVP of CHMWarnick and strategic lead on the Proph+IT initiative, in a statement. “Proph+IT was created specifically to take large amounts of property data and distill it through an ownership lens, to effectively and strategically utilize the information. With this platform, our asset-management team can quickly and confidently analyze information, including automated alerts of trends and key variances, to better focus on a property’s profitability and value enhancement.”
The proprietary platform, available exclusively to CHMWarnick clients, draws from a database of more than 3.5 million data points, with approximately 150,000 to 300,000 data points added each month. The system ultimately will track all current and new hotels that come into CHMWarnick’s asset management platform, as well as data provided by major brand operators and third-party managers, alike.