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