Iowa Department of Natural Resources

Scope: Asset Management, Contract Oversight, Operations and Financial Management Analysis

Services: Lodging, Golf, Food and Beverage, Marina, Water Park

Issue: Iowa Department of Natural Resources (DNR) needed an Asset Manager to assist them in stemming operating losses and developing a strategy for converting a management agreement to a concession contract.

Process/Outcome: Honey Creek Resort includes a 105-room lodge, 28 cabins, an 18-hole golf course, restaurant and lounge, a marina, and a water park.

Over a six-year period, CHMGS’ Asset Management team worked with Iowa DNR and its hotel management company to transform the operation from a net loss to a positive Net Operating Income growth of over 34 percentage points. CHMGS professionals then supported Iowa DNR in developing a new concession contract deal structure that resulted in additional capital improvements and ongoing stewardship of the resort.