HDG Hotels can provide lenders with hotel receivership services and ensure that their troubled assets are run in a smooth cost effective manner during this critical transition phase. We have the legal expertise, accounting skills, and great operational track record with management of properties.
It is important that during this process the operations, revenue, and most importantly employee morale is improved upon. After all, the Net Operating Income is the biggest part in today’s hotel appraisals. If you allow the operation and in turn revenue to decline, then your asset value will also decline.
Our team can assist lenders or clients during the appointment process to ensure that the Order Appointing the Receiver is adequate in the scope and the receiver is allowed the necessary authority for a smooth transition.
We are able to take over the hotel operations with minimal to no disruption to the property in light of our proven operational track record. We will implement the necessary changes immediately and manage the asset as effectively as those assets currently within the HDG Hotel’s portfolio. At the time of takeover, we will also review the processes in place from accounting, to payroll, to revenue management, and brand compliance to reduce the lenders’ risk as much as possible.
Our operations and accounting team will take over the hotel’s day to day operations. We will ensure that all the existing employees including general managers are given the opportunity to be part of the new team, as their experience and contribution to the property allows for low payroll transition costs. Our team will handle all the administrative duties. These duties range from communication with franchisors, utilities, and existing vendors, to filing the necessary state and local sales taxes, to renegotiating the necessary contracts to continue operations and to making all the necessary decisions to maximize the property’s value and minimize the hotel’s disruption.
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