Portfolio
Portfolio Hotel: COLOGNE - The Deutz, A Marriott Tribute Portfolio Hotel
The Deutz is a A Marriott Tribute Portfolio Hotel located steps away from the Cologne Fair, the Lanxess Arena and the Tanzbrunnen, and a short metro ride away from the old town. The hotel underwent an extensive renovation in 2023 and now offers 118 fully-renovated hotel keys, a bar, restaurant and fitness center.
Portfolio Hotel: DORTMUND - Courtyard by Marriott Dortmund
The Courtyard by Marriott Dortmund is located in the Dortmund technology park, close to Westfalenhalle, Signal Iduna Park stadium and the city centre. The hotel underwent an extensive renovation in 2023 and now offers 90 fully-renovated hotel keys, extensive meeting facilities, a full restaurant and fitness center.
Portfolio Hotel: BOCHUM - Moxy by Marriott Bochum
The Moxy Bochum offers modern accommodation in the heart of the Ruhrgebiet, a short walk from Ruhr Stadium, Starlight Express Musical Theatre and directly connected to the RuhrCongress. The hotel underwent an extensive renovation in 2023 and now offers 183 fully-renovated hotel keys, extensive meeting facilities, a full restaurant and fitness center.
Portfolio Hotel: SCHWERIN - Courtyard by Marriott Schwerin
The Courtyard by Marriott Schwerin is a modern property located just outside the city center of Schwerin in a peaceful neighborhood setting, a short drive from the city center. The hotel underwent an extensive renovation in 2023 and now offers 144 fully-renovated hotel keys, extensive meeting facilities, a full restaurant and fitness center.
Portfolio Hotel: MAGDEBURG - Courtyard by Marriott Magdeburg
The hotel was purchased in 2023 as the former NH Hotel Magdeburg, The property is currently undergoing an extensive renovation and will reopen in mid-2024 as a Courtyard by Marriott Magdeburg, featuring 142 fully-renovated hotel keys, extensive meeting facilities, a full restaurant and fitness center.
The Partners
We bring decades of collective experience in hotel management, project development and real estate investment. Our management team is comprised of seasoned professionals in each of our core business disciplines.
Andre Guettouche,
Partner
Andre has over 25 years of experience in hospitality operations, including the last 15 years in COO roles at Queensgate’s Generator, Freehand and CTF’s Penta Hotels. Andre began his career at IHG. He has had direct responsibility for the operational turnaround of over 50 hotels.
Steven Lewerenz,
Partner
Steven has over 25 years of experience in investment banking, private equity and family office investment, with a focus on real estate and hospitality. Most recently Steven was partner and CEO of Tommy Hilfiger’s hospitality real estate business. Previously Steven held positions in finance at Citibank and Salomon Brothers. Steven holds a degree in law from Oxford University.
Project Management
We believe that operational considerations should be first and foremost in the planning, design and execution of a hotel renovation.
Hotel Renovation with an Operator’s Perspective
We believe that operational considerations should be first and foremost in the planning and design specifications of a hotel renovation.
Our goal is to ensure that the renovated hotel product can produce the most cash flow within the building parameters.
We bring our extensive hotel management experience to bear throughout the renovation process – our principals have led more than 30 hotel renovations in Europe and North America.
Throughout the process our goal is to minimise risk and complete the project on-time and on-budget.
Step’s role in a hotel renovation project often involves the following:
Planning and Design
Determination of project goals and design specifications to ensure optimal operating conditions
Brand, designer and contractor RFP and selection
Coordination amongst ownership, brand, designer, architect, contractor and other project consultants
Renovation & Expansion
Creation and maintenance of the master project budget
Management of consultant and vendor relationships
Project administration and accounting
Investor and lender reporting
Project monitoring to ensure program and brand requirements are met
Post-Renovation Operations
Coordination of final approvals and certifications
Pre-opening, hiring and handover to ops team
Planning and Design
Determination of project goals and design specifications to ensure optimal operating conditions
Brand, designer and contractor RFP and selection
Coordination amongst ownership, brand, designer, architect, contractor and other project consultants
Renovation & Expansion
Creation and maintenance of the master project budget
Management of consultant and vendor relationships
Project administration and accounting
Investor and lender reporting
Project monitoring to ensure program and brand requirements are met
Post-Renovation Operations
Coordination of final approvals and certifications
Pre-opening, hiring and handover to ops team
Contact
CAREERS
If you have a passion for hospitality and like to work hard while having fun, please drop us a line to inquire about career opportunities.
CONTACT
For further information and general inquires please contact us.
Our Approach
By integrating investment and operations, Step is able to optimise operational efficiency and investment returns.
We believe that Environmental, Social and Governance (ESG) principles are crucial to developing strong, resilient hotels that deliver long-term value to investors.We believe that the way we conduct our business has a direct impact on our employees, our guests and our investors.
We are stewards of the hotels we operate.
We firmly believe in our responsibility to manage our portfolio properties professionally, profitably and with care, to realize the full potential of each hotel asset.
We care deeply about the environment, our social responsibility and fair corporate governance.
We believe that enthusiasm and positivity is contagious and noticeable by our guests. We promote open and active communication to resolve issues quickly and thoroughly.
We respect the dignity of the individual human person.
The employee and the guest are at the center of everything that we do. We believe in people first: with equality and dignity for everyone who works for us and every guest that stays with us - no matter what culture, gender, race, color, nationality, age, sexuality, creed, disability, family or parental status.
Hotel Investment
We invest alongside our institutional equity partners in programmatic investment platforms where Step is engaged to manage the underlying assets.
Investment Partnerships
Step structures its investment and management activities through partnerships with institutional investors.
Each partnership takes the form of a dedicated, programmatic investment platform built around a focused business strategy.
In 2021, Step established the Alchemy Step Hotel Group (“ASHG”) together with London-based Alchemy Partners LLP (“Alchemy”).
ASHG is currently deploying €250 million of equity capital into special opportunities in hotel assets in Germany and surrounding countries with a focus on second-tier cities.
Alchemy Step Hotel Group (ASHG)
ASHG is acquiring single hotel assets of greater than 90 keys and hotel portfolios in the 2-to-4-star category across Europe, with a focus on secondary urban markets, primarily in Germany and surrounding countries. ASHG focuses on assets that typically require significant re-positioning, refurbishment and operational turnarounds.
Alchemy Special Opportunities LLP
Alchemy Partners is a London-based private equity and special situations firm established in 1997 that has invested over GBP 4 billion in more than 200 transactions.
Alchemy currently advises funds with asset under management of more than GBP 1.6 billion.
www.alchemypartners.co.uk
ASHG Investment Focus
ASSET TYPE
Single hotel assets or hotel portfolios
GEOGRAPHY
Europe-wide with a focus on Germany and surrounding countries
LOCATIONS
Focus on secondary cities, in addition to primary cities.
HOTEL SIZE
Between 90 to 250 keys
HOTEL TYPE
Two to four-star urban locations with a balance of business and leisure demand
INVESTMENT SIZE
Target between €10 – €50 million, although larger acquisitions are considered
INVESTMENT STRUCTURE
Freehold interest or senior secured loans
ENCUMBRANCE
Operator free, or lease / HMA of less than 2 years
APPROACH
Refurbishment, rebranding and repositioning
FINANCING
Fully-funded, committed equity with no reliance on bank debt
Hotel Management
Step brings exceptional expertise in hotel management, financial administration, sales & marketing, revenue management and hotel technology.
Hotel Management
Step Partners brings superior capabilities in hotel management, financial administration, sales & marketing, revenue management and hotel technology.
In addition to managing proprietary assets, Step provides third-party hotel management solutions as well as hotel consulting.
Step creates value through an active repositioning approach that often involves extensive property refurbishments, conversions and operational turnarounds.
Through its robust financial and IT infrastructure, Step provides best-in-class, institutional grade reporting for maximum transparency.
Step is dedicated to helping our institutional investors exceed their return hurdles and maximise profitability.
Revenue Management
Step leverages strong technology and data analytics to intelligently optimise pricing against a dynamic demand backdrop.
Step’s revenue management strategy involves segmenting demand into different customer types, each with different pricing and marketing strategies.
We take a holistic view to revenue management rather than a room-revenue-centric model in order to maximise overall hotel revenue.
Sales + Marketing
Step utilizes a consultative sales and marketing approach to develop a holistic and nuanced understanding of the customer’s needs.
We leverage best-in-class technology to manage channels across the hotel portfolio and enhance direct revenue opportunities.
Our aim is to protect the hotel’s brand and market awareness through continual refinement of the hotel identity, product and service.
Finance, Accounting + Technology
Step integrates finance and technology into all operational departments.
We utilize a cloud-based, paperless accounting solution to provide custom, real-time financial reporting.
We utilize the latest off-the-shelf technology to limit troubleshooting and maintenance.
Food & Beverage
Step is dedicated to maximising F&B profitability in today’s challenging operating environment, with labour shortages and high operating expenses.
We integrate F&B sales opportunities into the guest experience to increase spend-per-guest.
Step regularly undertake full commercial audits of our F&B outlets to identify cost-inefficiencies, process improvements and new revenue opportunities.
Human Resources
Step recruits, trains and empowers the best talent to achieve superior performance.
We deploy industry leading recruitment tools and the latest training techniques and technologies.
We believe in ongoing engagement at the hotel level to educate the staff to maximise revenue opportunities while emphasizing the importance of cost savings and efficiency.
We believe that our staff is our greatest asset and we live that philosophy in our how we attract, incentivize and retain our talent.
Risk Management
Step protects hotel ownership by mitigating risk wherever possible and limiting the impact of emergency situations when they do occur.
We use custom tools to engage associates on safety and prevention to drive positive ratings and reduce workers' compensation expense.
Home
Hotel management, financial management and reporting for institutional investors in the hospitality sector.
An integrated approach to hotel management and investment.
Step Partners is a fully-integrated hotel management and investment company focussed on the European market.
We work together with a select group of institutional equity partners to acquire and manage hotel assets and hotel portfolios.
We specialize in turnaround situations with the aim of creating above market returns through strategic, operational and financial re-positioning.
Step is currently expanding its portfolio of hotels with a focus on acquisitions in Germany and surrounding countries.
BUSINESS AREAS
Step is focussed on three principal business activities:
Hotel Management
Step Partners brings superior capabilities in hotel management, financial administration, sales & marketing, revenue management and hotel technology.
In addition to managing proprietary assets, Step provides third-party hotel management solutions as well as hotel consulting.
Step creates value through an active repositioning approach that often involves extensive property refurbishments, conversions and operational turnarounds.
Through its robust financial and IT infrastructure, Step provides best-in-class, institutional grade reporting for maximum transparency.
Step is dedicated to helping our institutional investors exceed their return hurdles and maximise profitability.
Project Management
Step’s principals have led more than 30 hotel renovations in Europe and North America.
We believe that operational considerations should be first and foremost in the planning, design and execution of a hotel renovation.
We bring our extensive hotel management experience to bear throughout the renovation process. Our goal is to ensure that the hotel operation can produce the most cash flow within the building parameters.
Throughout the process our goal is to minimise risk and complete the project on-time and on-budget.
Hotel Investment
Step structures its management and investment activities through partnerships with institutional investors.
Each partnership takes the form of a dedicated, programmatic investment platform built around a focused business strategy.
In 2021, Step established the Alchemy Step Hotel Group (“ASHG”) together with London-based Alchemy Partners LLP (“Alchemy”).
ASHG is currently deploying €250 million of equity capital into special opportunities in hotel assets in Germany and surrounding countries with a focus on second-tier cities.