We have an intimate understanding of the challenges which are presented by a defaulting hotel note, and we know how to deal with them. Commonwealth Lodging regularly consults for regional and national lenders and is one of the most active managers of REO/receivership hotels on the east coast.
HOTEL RECEIVER, MANAGEMENT & DISPOSITION ADVISORY
Commonwealth Lodging has engaged as receiver and/or manager in dozens of full service and select service hotels throughout the Mid-Atlantic.
Lenders choose Commonwealth Lodging because of our significant experience, the strength of our brand relationships, direct engagement of our senior management and because the firm is unencumbered by debt or other competing priorities.
Recognizing that each situation is unique, we evaluate the circumstances and options with lenders and work with them to prepare and execute a resolution plan. Depending on what is appropriate to the situation we can provide asset management, receiver services, take-out financing, appraisals, franchise negotiations, property improvement plans, and property marketing solutions.
HOTEL RECEIVERSHIP & MANAGEMENT
Our executive team draws on experience in hotel receiverships, acquisitions and re-branding to facilitate the smooth transition of operations for distressed properties. We are well versed in the legal process and variety of issues that arise in a hotel receivership. Accordingly, we have well established relationships with creditors rights, real estate, bankruptcy and transactional attorneys that are experienced in the hospitality sector.
Our hotel receiver services focus on asset value protection, revenue generation, efficient management, and property disposition include the following:
- Pre-appointment review of the order to insure sufficient authority is conveyed
- Immediate evaluation of life-safety issues, permits & franchise license to insure uninterrupted operations
- Sales and marketing assessment & recommendations
- Physical property assessment & recommendations
- Accounting & payroll services
- Human resources management
- Full service property management & oversight
- Property marketing & brokerage services (as receiver and/or through affiliated licensed brokerage firm)
Commonwealth Lodging Management
6350 Center Drive
Building 5, Suite 112
Norfolk, VA 23502