Positioning to be redefined
The identity, target, use, or proposition of the asset may require a different interpretation compared to the existing configuration.
ASSET REPOSITIONING · STRATEGIC VALUE CREATION · OPERATIONAL COORDINATION
Asset Repositioning & Strategic Value Creation
An asset may be properly managed in its current configuration and, at the same time, not fully express the role it could assume in relation to the owner's objectives.
When positioning, use, property characteristics, operating model, hospitality, transformation interventions, and future prospects become part of the same decision, repositioning requires a structure capable of connecting different competencies and phases.
Havermond structures Real Estate Repositioning, Asset Repositioning & Strategic Value Creation mandates for private clients, Family Offices, Private Offices, asset owners, and organisations that need to evaluate how a property or a Hospitality Asset can evolve from its current configuration.
Havermond operates at the level of Strategic Advisory, Repositioning Strategy, and Operational Coordination, maintaining the relationship between owner, specialists, operators, and decisions during the asset's evolution.
Strategic Value Creation does not constitute a forecast of increased asset value.
It identifies and organises the levers that must be analysed to understand which asset evolution is truly sustainable, coherent, and achievable.
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When an asset requires a Repositioning Strategy
Not every property needs to be transformed.
Repositioning becomes relevant when the asset's current configuration no longer coincides, or does not fully coincide, with the owner's objectives, the context in which it operates, or the role it could assume over time.
Physical or functional transformation
Refurbishment, redevelopment, technical adjustments, or possible changes in use can simultaneously impact multiple competencies and decisions.
Operating model to be evaluated
A Hospitality Asset or a property with an operational component may require a review of the relationship between ownership, operator model, positioning, and future activity.
Multiple possible scenarios
Retention, transformation, repositioning, development, change of operating model, or possible divestment may require comparative evaluations before defining a direction.
Multiple specialists involved
Real estate advisors, technical professionals, legal and tax advisors, architects, hospitality specialists, operators, and other parties may need to contribute to the same strategy while maintaining distinct responsibilities.
Repositioning does not begin with the project to be realised. It begins with understanding what role the asset should assume and what should change to make it possible.
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What changes for the owner
When repositioning is approached through separate activities, there is a risk that design, technical analysis, positioning, operating model, and economic decisions proceed according to insufficiently connected logics.
The Havermond model introduces a level of Strategic Advisory and Operational Coordination dedicated to the relationship between these components.
A single strategic framework
Current configuration, objectives, scenarios, specialists, and key decisions are interpreted in relation to the same Repositioning Mandate.
Clearer priorities
Potential transformation levers are organised according to dependencies, sequences, and necessary decisions before proceeding.
Reduced fragmentation of expertise
Different professionals can continue to operate within their respective fields while maintaining a connection to the asset's overall strategy.
Continuity between strategy and execution
Decisions made during repositioning are kept in relation to the activities that must translate them into execution.
The ownership maintains visibility on the asset's direction without having to independently reconstruct the connection between each involved expertise.
The Asset Repositioning process
Within the Havermond Method, the Repositioning Mandate is developed through assessment, scenario evaluation, Strategic Value Creation, specialist coordination, and Operational Continuity.
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01 — Asset Positioning Assessment
The initial phase reconstructs the asset's condition in relation to its current role.
The Assessment may consider:
Technical, appraisal, financial, legal, or tax evaluations remain entrusted to their respective specialists.
The objective of the Asset Positioning Assessment is to understand which questions need to be answered before defining a repositioning strategy.
- asset type and characteristics;
- current use;
- existing positioning;
- target and function;
- status of available information;
- any Hospitality component;
- current operator model;
- interventions already completed or planned;
- professionals already involved;
- known constraints and dependencies;
- owner's objectives;
- potential elements of misalignment between the current configuration and the future scenario.
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02 — Repositioning Scenario Framework
Based on the context, scenarios meriting further investigation are constructed and organised.
Depending on the asset, these may concern:
Scenarios do not automatically constitute equivalent alternatives.
For each, specialist input, necessary verifications, dependencies, decisions, and preliminary conditions must be identified.
Havermond structures the framework through which these alternatives can be progressively evaluated.
- retention of the current configuration;
- positioning update;
- refurbishment;
- redevelopment;
- alternative uses to be verified;
- revision of the operating model;
- Hospitality Repositioning;
- introduction or modification of operators or brands;
- transformation of the guest proposition;
- development or requalification;
- preparation of the asset for a future disposal.
One does not first choose a solution and then seek its justification. Instead, the necessary evidence is built to understand which scenario merits pursuit.
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03 — Strategic Value Creation Roadmap
Once a direction has been identified, the potential levers for Strategic Value Creation are organised within a roadmap.
Depending on the nature of the asset, these may include:
Positioning
Redefinition of the asset's role, its proposition, and the competitive context against which it should be evaluated.
Asset Configuration
Refurbishment, transformation, or development interventions to be submitted for competent technical and authorisation assessments.
Use & Operating Model
Analysis of the relationship between asset utilisation, operating model, operators, and activities necessary for its future configuration.
Hospitality & Brand Strategy
For Hospitality Assets, the relationship between ownership, concept, target, brand, operator model, guest proposition, and operational structure.
Operational Configuration
Assessment, through competent specialists and operators, of the coherence between the asset's operational configuration, intended use, and future scenario.
Market & Exit Readiness
Activities useful for understanding which elements need to be developed or resolved so that the asset can eventually be presented to the market in a more intelligible configuration.
The roadmap does not pre-assign an economic value to individual levers.
It defines what needs to be analysed, decided, and coordinated so that the asset's potential can be evaluated in a structured manner.
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04 — Specialist & Operator Coordination
Repositioning can simultaneously involve different competencies.
Havermond can operate in conjunction with:
The mandate may define:
Where provided, Havermond can operate as a Single Point of Coordination for the components entrusted to its oversight.
Specialists retain responsibility for assessments and activities within their area of expertise.
- real estate advisor;
- legal advisor;
- tax advisor;
- technical advisor;
- architect and engineer;
- planning specialist;
- valuation specialist;
- project manager;
- hospitality advisor;
- hotel operator;
- brand;
- property manager;
- contractor and other operational structures;
- professionals already selected by the owner.
- Scope of Work;
- responsibilities;
- Decision Rights;
- information required;
- dependencies between activities;
- milestone;
- authorisation levels;
- reporting;
- escalation;
- sequencing;
- steps requiring coordination.
Havermond maintains the relationship between these competencies and the overall asset strategy.
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05 — Operational Oversight & Continuity
A Repositioning Strategy can unfold over months or different phases and may be modified as new evidence emerges.
Results of technical analyses, authorisation checks, operator indications, design variations, ownership decisions, or new conditions can impact subsequent activities.
Havermond maintains Operational Oversight over the components included in the mandate, verifying the impact of variations on previously defined interdependencies and coordinating any necessary realignments.
The objective is not to keep the initial project unchanged.
It is to maintain consistency between strategy, information, decisions, and activities as the repositioning evolves.
The scenario can change. The logic of the mandate must remain governable.
[EXPLORE OPERATIONAL CONTINUITY]
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From Current Configuration to New Positioning
The model can be summarised as:
CURRENT ASSET ↓ POSITIONING ASSESSMENT ↓ SCENARIO FRAMEWORK ↓ TARGET POSITIONING ↓ VALUE CREATION ROADMAP ↓ SPECIALIST COORDINATION ↓ IMPLEMENTATION GOVERNANCE
Repositioning therefore does not equate to a single physical intervention on the property.
It is the process through which configuration, use, positioning, and necessary activities are realigned with respect to a defined strategic direction.
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Repositioning and Capital Expenditure
In numerous repositioning programmes, the transformation of the asset may require investments in refurbishment, adaptations, development, or further activities.
Havermond's role is not to supersede the technical or financial assessments related to investments.
Instead, the mandate can help maintain consistency between:
Decisions regarding budget, feasibility, financing, and expected returns remain the responsibility of the ownership and competent advisors.
- repositioning objectives;
- proposed interventions;
- priorities;
- specialist assessment;
- project dependencies;
- sequencing;
- decision points;
- operational activities;
- future asset model.
CapEx is not viewed as an isolated activity, but in relation to the role it must play within the asset's overall strategy.
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Hospitality Asset Repositioning
In Hospitality Assets, the relationship between the property and operational activity becomes particularly relevant.
Repositioning may require jointly evaluating:
Hotel, technical, economic, and financial evaluations remain entrusted to the appointed specialists.
Havermond maintains the connection between Asset Strategy, Hospitality Strategy, and Operational Coordination, preventing property and operational components from being analysed as independent systems.
- asset configuration;
- positioning;
- target;
- concept;
- brand;
- operator model;
- guest proposition;
- services;
- spaces;
- refurbishment;
- operational model;
- relationship between owner and operator;
- possible future scenarios for the asset.
An Hospitality Asset does not truly change its positioning if only the property changes and not the model through which it will be utilised.
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What Strategic Value Creation means in the Havermond model
Strategic Value Creation is not treated as a promise of value growth.
It represents the process through which the conditions that could improve the strategic, operational, or market quality of the asset are identified, evaluated, and coordinated.
Potential can depend on different levers:
The relevance and actual impact of each lever must be verified through appropriate expertise.
- better alignment between asset and use;
- repositioning;
- refurbishment or transformation;
- revision of the operating model;
- improved relationship between owner and operator;
- greater clarity of positioning;
- resolution of critical issues identified by specialists;
- preparation of the asset for future scenarios;
- better coordination between decisions and execution.
Value Creation means identifying and managing the levers to be evaluated. Not anticipating the outcome.
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Capital Gain Strategy and Exit Readiness
When the owner considers a future divestment, repositioning can also be evaluated in relation to the configuration in which the asset could reach a subsequent market phase.
In this context, a Capital Gain Strategy can be developed as a strategic framework through which to analyse the relationship between:
The Capital Gain Strategy does not constitute a forecast of capital gains, a commitment to performance, or a financial valuation.
Valuation, taxation, financial structuring, pricing, and intermediation activities remain entrusted to the advisors and competent parties.
Havermond maintains coordination of the strategic and operational path through which the asset is prepared for the scenario considered by the owner.
- current asset status;
- proposed interventions;
- future positioning;
- timelines;
- further necessary activities;
- specialist valuations;
- market conditions to be assessed;
- exit readiness;
- potential divestment scenarios.
Exit does not necessarily represent the objective of repositioning. When it does, it must be considered from within the asset's strategy.
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Repositioning of existing assets
The need to rethink an asset can emerge long after its acquisition.
Changes in ownership objectives, property use, operating model, or the context in which the asset is situated may warrant a new evaluation of its configuration.
The Havermond mandate can therefore start with an asset already present in the portfolio and reconstruct:
Repositioning does not presuppose that what exists must be replaced.
- current configuration;
- previous decisions;
- specialists already involved;
- ongoing activities;
- new requirements;
- scenarios warranting further investigation;
- potential discontinuities between the current situation and future objectives.
Its primary purpose is to understand what should be retained, what should be modified, and what still needs to be verified.
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Integration with existing professionals and structures
The conferral of the mandate does not require the replacement of advisors, designers, or operators already appointed by the ownership.
Havermond can integrate into existing professional ecosystems, maintaining focus on interdependencies within its own scope.
This allows for the preservation of existing expertise and relationships, introducing a dedicated level of coordination for:
- consistency with the Repositioning Strategy;
- exchange of pertinent information;
- dependencies between activities;
- decisions;
- milestones;
- scenario changes;
- Operational Continuity.
Expertise remains distributed. The strategy must remain unified.
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Information & Decision Governance
During a repositioning programme, information and decisions may emerge at different times and depend on various parties.
A design modification can have operational consequences.
A technical indication can alter a scenario.
An operator's assessment can impact positioning.
An ownership decision can modify priorities and sequences.
For this reason, the mandate can provide for a clear structure of:
Havermond maintains the connection between these components so that changes in one part of the operation are evaluated for their consequences on others.
- information;
- responsibilities;
- decision-making levels;
- approvals;
- Decision Rights;
- reporting;
- escalation;
- change management.
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Multi-Asset and international programmes
Repositioning and Strategic Value Creation can also involve multiple assets or properties located in different territories.
In these contexts, it is not necessary for the solutions applied to each property to be identical.
It is essential to maintain consistent objectives, decision-making criteria, responsibilities, and a governance framework, adapting specialist activities to the characteristics of individual assets and their respective geographies.
Havermond can operate in conjunction with local professionals and operators, maintaining a unified vision of the mandate.
Assets may require different solutions. The strategic framework must allow the ownership to understand their relationship.
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Governance and responsibilities
Asset Repositioning & Strategic Value Creation requires a clear distinction between strategy, specialist assessments, decision, and execution.
Legal and tax advisors retain responsibilities related to their respective matters.
Technical professionals, designers, and authorised specialists retain responsibilities arising from the analyses and activities entrusted to them.
Valuation specialists and real estate advisors retain their appraisal and market expertise.
Financial advisors and authorised entities retain responsibilities related to financial or regulated activities.
Operators and property managers retain responsibilities related to the operational activities within their remit.
The ownership retains the decisions attributed to it by the mandate.
Havermond operates at the level of Asset Repositioning Strategy, Strategic Value Creation, and Operational Coordination defined in the engagement.
Strategy indicates the direction. Specialists verify individual components. Governance maintains the consistency of the process.
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Assessment of the Repositioning Mandate
Not every asset with transformation potential requires a structured repositioning mandate.
The necessity increases when multiple scenarios, different competencies, interdependent interventions, or a new relationship between ownership, use, and operating model need to be evaluated.
The preliminary assessment may consider:
From this framework, the scope of Asset Repositioning & Strategic Value Creation that can be entrusted to Havermond is defined.
The model can integrate with professionals, advisors, operators, and structures already selected by the ownership.
- asset nature and condition;
- current configuration;
- ownership objectives;
- existing positioning;
- utilisation;
- potential Hospitality component;
- operator model;
- interventions already planned;
- specialists already involved;
- available information and assessments;
- possible alternative scenarios;
- refurbishment or transformation needs;
- potential levers for Strategic Value Creation;
- potential exit perspective;
- Multi-Asset or international programmes;
- main interdependencies;
- points where strategy and execution may lose coherence.
We do not start with the project to be realised. We start with the asset's future role and the evidence needed to understand how to achieve it.
Key Focus: Real Estate Repositioning
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