Seaview Investors : hotel private equity firm finds new demand in COVID-19 pandemic /
This case demonstrates the importance of leadership, teaming, and executing during an unforeseen health and financial crisis.In mid-March 2020, Newport Beach-based Seaview Investors--a private equity firm that owned a portfolio of hotel franchises in California--was hard hit by the global COVID-19 p...
| Main Authors: | , |
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| Format: | eBook |
| Language: | English |
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London :
The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business,
2021.
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| Series: | SAGE Business cases.
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| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
| Summary: | This case demonstrates the importance of leadership, teaming, and executing during an unforeseen health and financial crisis.In mid-March 2020, Newport Beach-based Seaview Investors--a private equity firm that owned a portfolio of hotel franchises in California--was hard hit by the global COVID-19 pandemic, similar to many other entities in the hospitality industry as both business and leisure travel were sharply curtailed at that time, due to an initial "Shelter-at-Home" order throughout most of the state. By Summer 2020, many hotel properties, nationwide, were now expecting to see occupancy rates dip below 20 percent and a full-year revenue drop of 50 percent. Domestic and international passenger travel to LAX--near where many of Seaview's properties were located--were expected to fall between 55 percent and 97 percent from 2019 levels over the next few months. The human toll from this crisis was also devastating: The U.S. Bureau of Labor Statistics reported that 4.8 million hospitality and leisure jobs were lost between February and July 2020, representing more than $1.7 billion in earnings each week. Just a few months prior to March 2020, Seaview had celebrated a superb 2019 year, achieving outstanding performance on several key metrics: EBITDA, average daily rate, and daily occupancy rate. Expectations for 2020 were to build on that 2019 momentum, with new hotel acquisitions, expansive renovations, and significant hiring. The pandemic had now made that initial "2020: Perfect Vision" game plan obsolete. |
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| Item Description: | Orginally Published InGoodson, P.D., & Greenberg, H.D. (2021). Seaview Investors: Hotel Private Equity Firm Finds New Demand in COVID-19 Pandemic. The Berkeley-Haas Case Series. University of California, Berkeley. Haas School of Business. |
| Physical Description: | 1 online resource : illustrations. |
| ISBN: | 9781529798210 1529798213 |