Becoming the owner of a foreclosed property means facing a variety of responsibilities and challenges, many of which may be new to you. Fortunately, Coakley & Williams are experts at handling these specific transactions promptly and thoroughly.
We will review court orders and provide recommendations concerning language critical for the protection of the hotel asset and its continued operation.
Senior staff members will appear before the local judge to provide any necessary testimony, present qualifications, set bond and implement the receivership order.
When so ordered by the court, our transition team will perform the following actions:
- Immediate possession of all real and personal assets including cash on property and all accounts
- Provision of detailed FF&E inventory and summary of upcoming potential revenue to the court and lender
- Cooperation with team members to minimize disruption of service to guests and maximize revenue
- Provision of receivership status notification to the licenser, vendors, lessees and other interested parties
We will prepare a monthly receiver's report as directed by the court and will issue a final accounting report to the court after the foreclosure and any potential sale is complete.
We will develop and execute a business plan as approved by the court. This will focus on the following:
- 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
- Managing pre-takeover vendors and lease-holders