RALEIGH, NC—Access to data and simplified data management were top priorities for Concord Hospitality Enterprises. With that in mind, the hospitality owner, management and development company sought out Investor Management Services (IMS) to provide stakeholders with a comprehensive, leading-edge investment portal.
Through the new platform powered by IMS, Concord Hospitality investors, accountants and other stakeholders will have access to relevant information and updates to gain a better and more holistic understanding of the current assets.
“Our team was searching for a new way to communicate with our investors that would give them data on demand, as well as provide performance metrics tied to each of their investments,” said Joe Trumfio, VP of development accounting at Concord Hospitality. “Additionally, we were looking to simplify our internal processes to allow us to manage the data in a more efficient manner.”
Concord Hospitality’s investors have a secure login to the portal via desktop or mobile app, enabling them to view a dashboard of their investments, which provides a snapshot summary of the historical performance of their individual assets.
“Utilizing the software, we will be able to provide all cash distributions via ACH rather than issuing checks, as well as catalogue documents relevant to investments, including year-end tax forms that each investor will be able to retrieve as needed,” said Trumfio.
The investment portal will also expedite accounting services by electronically distributing dividends. Concord Hospitality’s aim is to expand the system to include electronic distributions and, in 2019, to use the system to assist in subscription agreement facilitation and delivering tax information to Concord Hospitality investors.
“Over the course of three months, Concord Hospitality’s accounting and finance teams worked closely with the Investor Management Services implementation team to capture and outline the tremendous amount of information tied to each of our hotel projects,” said Trumfio. “Establishment of an implementation schedule consisting of milestone dates proved to be an effective tool to ensure all groups remained on pace with the variety of tasks associated with creating the detailed database of investors, structures and investment values for each investor, and the historical activity tied to each.”