As State Court Receiver of a hotel property with asbestos located in the Central Coast of California, we successfully achieved a loan recovery for the lender. The debtor had been unsuccessful in his efforts to sell the property for multiple years. The Receivership Sale eliminated any future environmental liability risk for the lender that could have resulted from a foreclosure.
Our key actions leading to operating improvements and a successful sale of the property included:
- Kept the property open by managing it to positive net cash flow, preserving its value for a sale
- Identified qualified agent from outside the local market
- Successfully transferred the property via a court-approved sale process
Upon taking possession of the property, we:
- Stabilized and managed all hotel operations
- Hired and oversaw a general manager
- Updated and managed all reservation systems
- Collected all income and paid all property related expenses.
- Delivered detailed property-related accounting to court and creditors on a regular basis.
- Worked to stabilize property and improve RevPAR.
- Hired third-party sales agent and approved and directed all marketing activity
- Reviewed and selected buyers and negotiated all purchase contracts with buyer
- Coordinated all legal processes required to achieve court approval of the sale
- Coordinated all escrow and title requirements to successfully close the sale