COMMITTEE SYSTEM

Executive Committee

The Executive Committee is responsible for development of the strategic plan for all hospitality properties and related operations, as well as to provide oversight and direction to the subordinate Operations Committee and Capital Expenditures Committee of Milestone Hospitality Management.  The Executive Committee reports to the Management Board of Milestone Hotel Partners, LLC with respect to its portfolio of properties, and otherwise interfaces with lender institutions and capital providers on behalf of the investors of the Milestone Companies.

Implicit in its supervision of the affairs of the Milestone Companies are the development and implementation of planning initiatives that will maximize the creation of asset value and operating profit on behalf of the investors of the company; identification and promotion of greater productivity and efficiencies; facilitation of a means by which team members may advance their careers and gain greater satisfaction through their professional affiliation with the company; and instilling a sense of corporate responsibility within its workforce through sensitivity to the needs and aspirations of the communities where individual properties are located.

This committee meets on the third Thursday of every month at our corporate headquarters located in Baltimore, Maryland, at which time the chairmen of the Operations Committee and Capital Expenditures Committee report on the activities of their respective subcommittees to the senior management of Milestone.

The current members of the committee are as follows:
Sander Mednick, Chief Executive Officer (Chairman)
Michael Wachtell, General Counsel
Mason Mednick, Executive Vice President
Glenn Schumaker, Managing Director – Operations
The Executive Committee leverages the extraordinary talents of Milestone’s team members and senior managers through application of the committee system as further described below, encouraging a free flow of ideas and transparency of communication to establish strategic direction and provide decisive leadership for the company.

Operations Committee

The mission of the Operations Committee is to audit and evaluate the standard operating protocols of the company, to examine the productivity of its capital and human resources, and to make recommendations, where necessary, for the development of new modes of operation in support of established financial and non-monetary objectives.  The committee is charged with the timely and regular challenging of existing assumptions to ensure that assessments not only test current practices but also serve as a means of identifying and implementing improved, more efficient, and economical processes and procedures.

The current members of the committee are as follows:
Glenn Schumaker, Senior Vice President - Operations (Chairman)
Russell Prentiss, General Manager – Sturbridge Host Hotel

This committee meets on the second Tuesday of every month at our corporate headquarters located in Baltimore, Maryland.  Critical areas of review include, but are not limited to, the following:

INTERNAL AUDIT: Milestone committed itself to the development of an extensive internal audit regime as a means of ensuring strict compliance with not only financial processes and procedures, but also non-monetary standards and operating protocols.  The Operations Committee undertakes frequent and unannounced investigation of all aspects of portfolio operation from cash management to employment verification and governmental compliance, stressing accountability at the property level for action as well as inaction.  As such, it serves as the engine by which the company engages in a vibrant and constant program of reexamination and renewal.

CORPORATE CULTURE: Milestone believes strongly in the promotion of a style of communication at all levels of the organization that is transparent, respectful, and insightful, encouraging team members to take authorship and ownership of the core values and operating principles that define our corporate culture.  The Operations Committee seeks to nurture the growth and development of a positive culture, facilitating dialogue in all departments and at all levels, and encouraging a free flow of ideas among team members.  Its mission is to serve as a center of debate to ensure that all voices are heard and opinions registered.  It is a Milestone axiom that better communication leads to greater productivity, lower turnover and enhanced team member morale.  We believe strongly in the tenet of advancement from within, working hard to determine the long term career goals and objectives of our team members.  Many of our most senior managers advanced to their current positions through promotion from within the Milestone system, reaffirming one of the core goals and values of the company.

SALES & MARKETING: The Operations Committee also provides a forum by which senior management can track the effectiveness of sales & marketing initiatives at the corporate and property levels, accurately forecast occupancy and revenue over the near and longer term periods, and determine the need, if any, for capital improvements and/or interdepartmental coordination of resources in support of sales opportunities.  Specific reviews are made at each meeting of individual property performance from the prior month, the pace of group sales for upcoming periods, and each property’s evolving marketing strategies.  Discussion in support of further enhancing such strategies is encouraged, with a particular emphasis on developing programs that will address guest satisfaction and augment loyalty among clients.  Efforts are undertaken to cross-promote sales opportunities within the Milestone portfolio of properties, evaluate sales & marketing personnel, and design and implement training programs in order to maximize generation of revenue.

Capital Expenditures Committee

The Capital Expenditures (CAPEX) Committee provides a centralized, departmentally-diverse representation of managers dedicated to the thorough study, evaluation, and recommendation of financially sound, adequately funded, and logically prioritized programs for property capital improvements and repairs & maintenance.

The current members of the committee are as follows:
Sander Mednick, Chief Executive Officer
Mason Mednick, Executive Vice President
Brendon Ratley, Corporate Controller
Jason Witmer, Chief Engineer - Lancaster Host Resort

The CAPEX committee reviews the hundreds of capital projects that the Milestone Portfolio generates in any operating year, and is responsible for the deployment of nearly $8 million in annual expenditures.  This process permits a unique interaction between senior management and property level associates in the fashioning of programs that are fully vetted, informed from a variety of professional perspectives, and therefore more effective.  Furthermore, it eliminates primary reliance on property-level personnel, working in isolation, to formulate and implement capital and repair item plans, or oversee the bidding and implementation processes associated with those projects.  Milestone has made a substantial commitment to the professional oversight of capital and repair initiatives and has been successful in elevating management of same through its committee system.
Over the past five years, the CAPEX Committee has overseen the placement of more than $100 million in construction capital.  The CAPEX committee meets on the first Thursday of each month at our corporate headquarters located in Baltimore, Maryland.




 
   
           
       
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