Hotel Asset Management Services Ltd (HAMS) was founded by Jim Murphy, CEO PREM Group, in response to discussions with financial institutions seeking support in dealing with distressed hotel assets.
Due to the level of capital investment in hotels in recent years, and the speed of economic downturn both domestically and internationally, severe liquidity issues have arisen in the sector leading to a rapid increase in insolvencies. In many cases, banks have taken steps to protect their security and need to assume control of the trading business. There is a recognised need in such circumstances for an experienced hotel asset management service to operate distressed hotels.
Recognising this developing trend and based on experience with previous cycles in Jim Murphy, by agreement with the board of PREM Group was authorised to establish an independent entity which on occasion may commission services from the group.
HAMS has been established to manage properties on short-to-medium term contracts with a view to stabilising and securing the business, maintaining collateral and driving inherent value with a view to selling the property at an appropriate time in the future. HAMS is available to operate hotels in Ireland, England and Northern Europe, offering both local and international skills and knowledge.
The service is offered as a multi-discipline rapid response unit which can provide owners, lending institutions, receivers etc. with a range of “hands-on” options to deal with hotels experiencing trading difficulties. The explicit shared objective is to improve capital values and to maintain asset quality. HAMS is incentivised to do so through structured fee arrangements based on improved asset values.
There are currently three Directors and shareholders in the company:

• Jim Murphy, Managing Director. Jim is a career Hotelier, former President of the Irish Hotels Federation and founder and CEO of PREM Group.

• Stephen Loftus. Stephen is a Chartered Accountant, trained Insolvency Expert and Commercial Director of PREM Group.

• Cormac Megannety. Cormac is a Chartered Surveyor, former CEO of Eurocape and is a Director of Amethyst Group.

The three principals bring a wealth of relevant operational, financial and property management experience to HAMS and can tap into a deep well of resources to support the company’s activities. Apart from the principals, we have ready access to management skills from various sources. We can grow or reduce our team according to demand. As is evident in the case of Tulfarris, we can move quickly to provide an interim Management Team while sourcing General Manager candidates without involving external employment agencies.
Through a service agreement, HAMS can, as required, access the full range of management skills and systems of the PREM Group, including sales, HR, IT, financial control etc. Such inputs will only be charged as used for specific contracts. This unique approach gives the flexibility to tailor our service to the needs of each project. Our client only receives one monthly invoice from HAMS for our service.