Hospitality Services

An evolving industry offers great opportunity and, at times, difficult challenges. Recent hospitality industry developments and changing consumer behaviors have led to the need for businesses to adapt and overcome challenges to ensure success. As hospitality companies are faced with balancing rising operating costs and seasonal trends in an effort to maximize profitability, guests are constantly looking for fresh and innovative offerings that enhance their experience with brands.

Let Withum’s Hospitality Services team members help you make the right decisions to efficiently run your business so that you can focus on providing the exceptional five-star service your customers expect. As trusted advisors to hospitality and hotel clients ranging from small, local associations to large, international companies, we are dedicated to providing the skills and resources of a national firm with the outstanding service that our clients have come to expect.

Who We Help

Multi-Use Condominiums
Large-Scale Associations
Commercial Condominiums and Cooperatives
Vacation Ownership
Hotels and Lodging

Catering to Your Needs

Managed Services

Juggling guest expectations while troubleshooting systems and cloud services and safeguarding IT infrastructure can be overwhelming. Utilizing managed services for the hospitality industry can create efficient, effective and secure operations.

Our Solutions

Risk and Security

Guests want security – at night when they sleep, for possessions in their rooms and most importantly, when they share personal identifiable information (PII) when booking. Protect your business and reputation with cyber and information security strategies.

Our Solutions

Data-Driven Experience

The experience economy is real, and the millennial generation is pushing that transformation. Using data to sell your destination as an experience rather than a destination is a powerful tool. Grow your hospitality business by making smarter, data-backed decisions.

Our Solutions

Innovative Hospitality Accounting and Advisory Solutions

Success in an evolving industry demands customized services that are tailored for your specific business needs. Withum’s team of hospitality accountants and consultants know that diversified knowledge and specialized services are paramount to staying ahead of the curve. We offer a suite of hospitality-specific accounting, tax and advisory solutions that help you make smarter business decisions and improve your bottom line.

Hospitality Accounting Services

Accounting and financial audits
Agreed-upon procedures
Budgetary consulting and forecasting
Compliance with federal and state regulations
Fee-for-service modeling
Gross receipts and concession audits
Ground lease audits
Outsourced accounting
Research and development tax credits
Tax services

Hospitality Advisory and Consulting Services

Cost segregation studies
Cybersecurity assessments
Forensic accounting and fraud investigation
Internal control analysis
Litigation support
Management advisory services
Purchase price allocation (PPA) studies
Rental occupancy testing
SOC audits

Hospitality Resources

Best Practices for Weathering the Worst Conditions

Preparing for the unexpected is crucial for business recovery when disaster strikes. Having the right plans and steps in place to protect business continuity can help ensure you’re better equipped to weather the worst conditions.

Disaster Preparedness Guide

Restaurant and Lodging: Road to Recovery

Competitive Benchmarking at Your Fingertips

Identify potential problem areas and get insights on improving your resort’s overall financial health. Withum’s annual Timeshare Benchmarking Study conducts a comparative analysis of timeshare associations’ financial performance to help you stay informed on current financial trends among your peers.

Timeshare Benchmarking Study

Hotel Case Studies

A large publicly-traded real estate investment trust with a diverse portfolio of hotels and resorts had spun off from a larger corporation and established itself as an independent company. There was little existing technology infrastructure in place, and the company was legally required to migrate their content off of their servers to Microsoft Office 365 in a short amount of time.

A chain of hotels underwent significant renovations, with the original allocation for tax purposes being very general. The client, who owned the hotel chain, wanted to explore cost savings to improve profitability, including the possibility of performing a cost segregation study, which would potentially increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.

Upon entering into a co-investment opportunity, the potential hotel investment group committed funding for a 45% stake in a joint venture to acquire, redevelop and reposition approximately 30 hotels located in the United States. The hotels were to be completely renovated and reopened under a nationally-recognized brand. Withum was initially engaged to perform due diligence for three underperforming hotels. One of the buyer’s challenges was assessing the properties’ future success after the renovations were complete, given the current and future geographic and demographic factors and competitive market forces.

View More Case Studies