Receivership Services

Renaissance Westchester
Purchase, NY

  • Under a court-ordered receivership order, assumed asset management of this 347-room hotel in late December, 2009.
  • Identified expense opportunities to increase already final budget from $2K to $134K. 
  • Immediate group strategy and cost efforts resulted in an actual NOI improve- ment to budget through May, 2010 of $825K (B: ($412K)/ A:  $409K).
  • Completed abandoned renovation and maintenance projects, obtained permits and licenses, and completed projects necessary to avoid ADA litigation.  Ongoing renovations totaled $1.5 Million.
  • Identified issues relative to the recourse guarantee yielding $160K, which was placed into escrow as a settlement with borrower under loan documents.
  • Developed strategies for public relations and implemented a strategy to combat negative press.
  • Assisted with other items related to the deed-in-lieu negotiations.
  • Borrower executed a DPO on June 14, 2010 for 85% of the loan balance.

 

Learn more about hotelAVE's Receivership services or read about our successful implementation of REO to Foreclosure services at Mansion on Peachtree.

Renaissance Westchester - Purchase, NY