Receivership Services

Coakley & Williams Hotel Management Company has extensive experience in assisting lenders with the management of distressed assets as well as providing successful receivership services in various states. Receivership services are usually provided at no additional fee (other than reimbursement of reasonable out of pocket expenses) when C&W is retained as the management company during the receivership. Our team's expertise and experience allows us to provide exceptionally cost-effective services for lenders that are the process of preparing to foreclose on a hotel asset. Depend on the hotel asset management experts at Coakley & Williams during this critical process.

Review Period

As receiver, C&W staff will review court orders and provide recommendations as to language critical for the protection of the hotel asset and its continued operation.

Court Appearances

Senior staff from Coakley & Williams Hotel Management Company will appear before the local judge for purposes of providing any necessary testimony, presenting qualifications, setting bond, and implementing the receivership order. On an ongoing basis, we will provide testimony for any ongoing legal issues as requested by either the lender or the court.

Receiver Services

When so ordered by the court, our transition team will take immediate possession of all real and personal assets, include cash on property and all accounts. As quickly as feasible, we will provide both the court and lender with a detailed FF&E inventory and summary of upcoming potential revenue. To effect a rapid stabilization of existing operations, we will carefully work with the hotel's employees to minimize disruption of services to guests and maximization of revenue. We will also provide notification of receivership status to licenser, vendors, lessees, and other interested parties as necessary.

Reporting

Coakley & Williams Hotel Management Company will prepare a monthly receiver's report with form and content as directed by the court and will issue a final accounting to the court after the foreclosure and any potential sale is complete.

Post-Takeover Services

Our experience has shown that the asset's financial welfare depends on sound operations. To effect such an experience, we will develop and execute a reasonable business plan as approved by the court. As receiver, we will focus on protecting the franchise where so directed, dealing with outstanding sales and occupancy taxes, handling pre-takeover suits, claims, or insurance matters, obtaining control of any utility or other deposits, and managing pre-takeover vendors and lease-holders.