Distressed Asset Management and Receivership Services
Hotel properties in foreclosure, bankruptcy or receivership can be some of the more complex management situations. Finding the right team of asset management experts to guide owners and lenders is of utmost importance. Missteps can be costly and devalue a property's brand as well as an investor's capital. Recognizing that time is of the essence and within 24 hours of accepting an assignment, our staff can begin to assess the situation, make recommendations and take actions that can quickly affect the property's profitability.
Seizure / Securing of Assets
- Takeover team on-site within 24 hours of assignment
- Stabilize associates for efficient takeover and continued service
- Distribute notification of receivership status to franchisor, all vendors, lessees and other interested parties
- Review physical condition of the property
- Take immediate possession of all real and personal assets
- Provide detailed FF&E inventory
- Conduct auditing and determination of financial assets and liabilities
- Work closely with the owner and or brokers to facilitate the property sale / closing
Consulting / Financial Analysis
- Determination of asset value
- Implement full service financial assessments
- Review of occupancy rates, operating costs and reserve accounts
- Review budget preparation, cash flow analysis, internal control, financial restructuring and inventory control
- Analyze branding, market position, competition and search for missed opportunities
- Review of capital improvements, upgrade requirements and project coordination
Management / Operations
- Identify life safety issues and provide repair recommendations
- Review contracts with affiliates
- Review termination rights
- Review pricing, implement cost-effective purchasing guidelines
- Introduce intensive yield and revenue management to maximize income
- Review customer account management, e-commerce production and strategies, rooms/catering market mix
- Review group room inventory guidelines
- Develop comprehensive sales and marketing plan
- Review and redirect sales actions steps
- Monitor, evaluate and quickly respond to industry trends and market demands
- Review franchise activities
- Determine training deficiencies / opportunity areas
- Prompt monthly receiver's report as directed by the court including revenue / profitability status
Contracting / Leases
- Review of insurance policies including coverage
- Contract and agreement assessment and negotiation
- Renegotiate agreements where necessary
Licenses / Franchises
- Review and renegotiate licenses, government permits, room tax payments, sales and other government taxes
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