Hotel Receivership & Bankruptcy Services
When all else fails, Horwath HTL can provide hotel receivership, bankruptcy, and litigation support services, such as:
- Receivership services for individual hotels, inns, resorts and commercial real estate as well as portfolios of these assets. Our seasoned receivers and trustees have over 20 years experience and have worked with all types and sizes of hospitality and commercial real estate properties.
- Hotel property management by an affiliate entity that has experience managing full and limited service commercial hotels, resorts and spas, boutique hotels, and conference centers.
- Disposition of assets through our affiliated hotel brokerage group.
- Lender and owner litigation support.
- Expert witness testimony.
Our receivership group has:
- Significant experience in working with lenders, their counsel, and the courts to assure that the "Order Appointing Receiver and Temporary Restraining Order" appropriately define the role of the receiver in taking possession and control, operating the business, completing or ending construction, and the like.
- Prearranged designated trust fund checking accounts for each specific asset, insuring safety of operating funds.
- Prearranged merchant credit card accounts used for processing credit card payments.
- Experienced staff to issue timely, accurate and detailed monthly court reports and financial statements which helps the lender better understand current use of funds and plan for future operating capital requirements.
- Seasoned receivers with hotel industry expertise who can help lenders better assess foreclosure and real estate owned (REO) issues.
- Considerable experience dealing with consulting engineers, contractors, local building code enforcers, fire and life safety issues, liquor license transfers, and lessees of various concessions and services offered in the hotel.
- Highly qualified appraisal staff who can quickly arrive at a problem property's value which aids the development of a resolution strategy.
- An affiliated property management company and an affiliated hotel brokerage company, allowing the entire receivership, property management, and disposition process to function efficiently and effectively to help reduce the overall costs and duration of receivership.
The bottom line is that we are uniquely qualified to secure the asset, operate it professionally, improve the asset's cash flow and thus it's market value, and dispose of the asset while it is in receivership. This allows the lender to remain out of the chain of title and potentially offer seller financing.
