In the case that a hotel cannot continue under current management, a borrower/lender may seek a legal receiver to bring the hotel back to viability. Hotel management services like Universal Hospitality Advisors often act as hotel receivers.
Universal Hospitality Advisors understands the responsibilities of receivership and is equipped to provide full receivership services, from the initial court appearance through the complete handling of operations. Our in-house attorney, CPA and full management team ensure our mission of stabilizing struggling enterprises.
Receivership services include:
Ensuring specific scope and authority to create or maintain value
Initial Court Appearance
Initial appearance before a local judge involves providing testimony, presenting qualifications, setting bond and implementing receivership order.
Operations Control and Reordering
- Complete physical and monetary protection
- Sending notification of receivership to all relevant parties
- Dealing with any outstanding state and local sales and occupancy taxes
- Lawsuits, claims, or outstanding insurance matters
- Creating new operational and accounting protocols
- Controlling bank accounts, keys, codes, records, etc.
- Overseeing management, maintenance, and renovations
- Reporting progress to stakeholders.
Preparing monthly receiver’s report as directed by court and issuing a final accounting after foreclosure.
We provide any other helpful services customized to fit the unique needs of your assets.rected by court and issuing a final accounting after foreclosure.