Special Servicer or Receiver must be nimble and noble to assist commercial foreclosures process. Hotel Receivership Management depends on whether you are the lender or borrower. It could be that the causes of the hotel’s problems are related to today’s economic situation or it could simply be that the root cause is related to management’s ineptness.
When an asset is distressed, the challenges inherent in the recovery plan can be quite confusing. Our transition team can locate and seize core elements of the property – ensuring the business runs smoothly and efficiently. We remain neutral and keep the Courts, Attorneys, Owners, and Lenders informed on a timely basis. APH understands the critical issues facing principal stakeholders and have the solutions and hands-on experience in virtually all hotel functionalities making us successful for hotel asset management.
Our team will successfully:
Review Order: Assume responsibilities and review receivership orders to secure the assets and cash flow of the hotel.
Make Initial and Ongoing Court Appearances: Appear in Court and provide testimony, present qualifications and set the bond and issuing order.
Perform Takeover Services: Taking possession of all hotel assets, securing cash and seizing accounts. Notifications of Receivership status are sent to the franchise, all vendors, and interested parties. Protection of the franchise; state and local sales and occupancy tax issues; claims, or outstanding insurance matters; obtaining control of deposits from utilities and government entities are other services provided with taking over.
Oversee Hotel Performance: Interview and re-hire hotel staff, revise hotel policies and guidelines as required, emphasize hotel sales & marketing to grow revenues. Be the intermediary between the Franchisor and Ownership organization to cooperate for beneficial understanding.
Report: Prepare monthly Receivership report, as directed by the Court and issuing a final accounting to the Court after foreclosure in a thorough and timely manner.
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