Holiday Inn

Syracuse, New York

197 Guest Rooms
18 Meeting Rooms
31,000 sf Convention Center
Renovation and Addition
Construction Cost: $ 9,300,000
Duration: 8 months

Owner: First Republic Corporation of America
Contract Format: Owner’s Representative

Objective:
The Holder Group was retained by the hotel’s owner and management firm to review the final cost and quality of construction for this nearly completed project.  The construction management firm engaged to complete the renovation had projected and initial cost of $5,400,000 which grew to $9,300,000 at completion.

• Forensic accounting of all costs expended at completion
• Analysis of the subcontracts issued including scope of work included and value for construction dollars spent
• Review of the construction documents with a field investigation to determine contract compliance and quality of construction and preparation of report for litigation purposes

Outcome:
With the assistance of the architectural and engineering firms, The Holder Group presented a complete financial and compliance analysis to our client.  The remaining balance owed to the construction manager was negotiated to a lesser amount in compensation for contract scope of work that was never completed or performed inadequately.  These determinations were made via the following services offered by The Holder Group:
• CM Contract Review
• Guaranteed Maximum Price Analysis
• Outsourced estimating services for confirmation of anticipated cost for construction
• Review of CM’s financial records
• Preparation of Variance Reports showing contract obligations vs. actual conditions
• Review of all original bid documents to determine individual subcontractor compliance
• Analysis of value engineering alternates and credits offered to the client
• Determine if the CM performed its contractual obligations in providing cost effective construction means and methods
• Assist the client’s legal team in preparing the necessary documentation for recovery of funds overpaid to the CM