Initial Analysis and Advisory
Our operations team will visit the property, review the market, financial data and the lender/servicer's objectives and advise on the most appropriate plan to achieve those objectives. We will tailor our services in a macro to micro approach, meaning we will understand the underlying economic trends that affect the market, the location in the market and the particular property's dynamics. As in any of these situations which are time-sensitive, we can have our team on the property at the lender/servicer's discretion.
The law firm of Farris Mathews Branan Bobango & Hellen, PLC acts as receiver and has significant experience in doing so.
Our experienced takeover team will follow our proven, multifaceted plan that has been used for over fifty hotels in many regions of the US.
We will inventory and secure all the physical assets and retain human capital. Our objective is to optimize the performance of the asset, whether the strategy is to add value for a longer term hold by renovating, repositioning, and/or rebranding, or to proactively operate it with a disposition on the horizon. Our takeover team is comprised of the President of the company, Regional Vice President of Operations, Vice President of Sales and Marketing, Vice President of Finance, Vice President of Construction and an Internal Auditor.
The required documents that are needed to operate the property will be reviewed, such as leases, licenses, permits, franchise agreements and inspection reports. We will then update and maintain all documents required.
Our goal for the management of each property is to improve operations, cut unnecessary costs, accelerate cash flow and pursue a strong sales and marketing effort, thereby maximizing the value of the property. We achieve this by customizing our approach to each situation and carefully underwriting the market, property and inherited staff.
Accounting and Reporting
We have a large in-house accounting staff that handles our current portfolio. We are accustomed to reporting to private and institutional owners in a prompt and efficient way on a monthly and annual basis. We understand the necessity of thorough reporting concerning problem assets.
Franchisor Relationship Management
Our experienced team covers over fifteen different hospitality brands and we enjoy an outstanding relationship with the franchisors that own these brands. Our understanding of their requirements and our ability to work with them in mutually beneficial negotiations will add value to your property.
Our extensive experience with everything from minor cosmetic upgrades to major reconstruction to new build development gives us the ability to understand and tightly control cost for labor and materials and maximize the effect of these expenditures. As a result of our experience and knowledge, we implement creative solutions that maximize both the potential of the hotel and all capital funds invested. Please refer to our Awards section to review our accomplishments.
Liquidation Timeframe and Services
Similar to the tailored management program, the liquidation strategy must be underwritten on a case-by-case basis. Some of the properties would immediately be sold, while others would benefit from management expertise and capital expenditures to provide the best sale price for the asset, therefore creating the highest return possible. Several comprehensive financial options would be provided in an effort to achieve the best possible decision.