- 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.