Project AVE provides workout services excavating and realizing potential values of small and medium lodging properties in Korea, by enhancing productivity, efficiency, capital structure and liquidity of the assets. Workout services are available offline on an individual project basis, and each project is managed on the Project AVE website. Typically, the types of projects that are highly requested are as follows:
Ascuisition and Disposition
An investor looking to purchase or an owner looking to dispose a lodging property
Borrowing and Refinancing
An investor, an owner or a lender looking for loan financing opportunities
Restructuring the Value Chain
An owner or an operator looking to enhance operations and ownership structure
Development and Renovation
An owner or an investor looking to optimize capital expenditures plan
A project should be listed prior to for the services to be provided. The decision to list a project will be made when a consultation is completed after a user's request. If a project is determined to be listed, a project page will be set up at the Project AVE website. The requesting user will become the owner of the project page, who can determine project period and designate project participants. The consultation for project listing should be requested via email.
The project page provides detailed information and data on the project, based on which project participants and project advisors work together to derive and implement a strategy for the project. The information and data on the project are prepared and provided by Hotelys is based on the sources from the project page owner, and Hoteysis can add its own information and data, if it is necessary for the successful progress of the project.
Access to the project page is granted to project participants, and the project page owner can designate project participants and request Hotelysis to grant access. During the project period, the project page owner may request to add new participants at any time, and the project participant can choose to drop out of the project at any time. Hotelysis can subdivide project participant categories and differentiate the scope of access to the project page.
Hotelysis may invite experts from a variety of areas to the project advisory group, including operators, owners, investors, and advisors, out of the Hotelysis Partnership Program, if necessary for the project. An expert who accepts the invitation will be designated as a project advisor and granted access to the project page. However, the scope of access to the project page can be applied differently depending on the area of expertise.
If the project period expires, the project page owner can declare closing of the project or extend the project period. If the project is declared to be closed, the project page will be closed down. However, the project page owner and Hotelysis may, by mutual agreement, transfer the project to a third party or merge with another project. When a project is closed, transferred or merged, a notification of the decision will be sent to the project participants and the project advisors.
The procedures of project listing, progressing and closing are subject to a separate agreement between the project page owner and Hotelysis, and the project page owner is responsible for all project costs, including project page set-up fees, project management charges by duration and number of participants, and consultation fees for the project advisors. The project page owner entrusts a project deposit to Hotelysis at the time of project listing, the remaining balance of which will be returned after deducting the project costs when the project is closed.