State Court Receiver of Hotel in Arizona

Interim Management, Cash Flow Management, Strategic Plan, Brokerage, Asset Disposition

Hotel Check in bell

As State Court Receiver of a non-performing hotel with asbestos located in Arizona, we successfully achieved a loan recovery for the lender.  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:

  • Negotiated with chain’s corporate office to maximize lease term and value
  • Kept the property open by managing to positive net cash flow, preserving its value for a sale
  • Successfully transferred the property via a court-approved process

Upon taking possession of the property, we:

  • Stabilized property operations
  • Reviewed reservation system
  • 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

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