Hotel receivership is one of our specialties and we’re always happy to put our expertise to use when it comes to helping with the management of a hotel in transitional or distressed circumstances. With our extensive experience of being appointed receiver, we provide efficient and cost-effective receivership services for lenders preparing to foreclose and sell a property.
Well-acquainted with the court proceedings involving the appointment of a receiver, our staff efficiently walk through the entire legal process with you, which includes the assurance that the all-important Order Appointing a Receiver is adequate in its scope and provides the necessary tools for both a smooth transition as well as the cleanup of unpaid bills and leases.
Even on very short-notice if necessary, our knowledgeable team makes the best of our management know-how and our company’s flexible structure to smoothly take over operation of the property. We enter our stewardship as receiver just as we would any hotel we manage. The appropriate background checks are performed on all employees and they are rehired and placed on the payroll of an affiliate of ours in order to reduce the investor’s associated risk.
At this point, it’s time for us to ensure that both the physical and monetary assets of the property are both protected and accounted for. Our expert office staff provides the financial and accounting work for the property. On a positive side note, our accounting system allows you to check online anytime, allowing interested parties to stay up-to-the-minute on the business of their asset. And of course, if you need additional reports, we provide them at your request.
We have the experience, knowledge and talent necessary to efficiently develop and execute the right business plans that will increase the efficiency and appearance of a hotel. You’ll certainly get more prospective buyers when you show them the hotel in its best possible light. And we work hard to help effectively dispose of the asset.
Receivership services generally cost no more than regular management services. The exception is when extra court appearances are required or when borrowers challenge the Receiver entity on some matter. In that case reasonable hourly rates are charged and all concerned are advised in advance. As Receiver we retain outside counsel to maintain the integrity of the Receivership as independent from the parties.