Case Studies

Receivership of Hotel in Central Coast California

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·Receivership of Hotel in Central Coast California

The Situation

As State Court Receiver of a hotel property with asbestos located on the central coast of California, we successfully recovered a loan for the lender. The debtor had been unsuccessful in his efforts to sell the property for multiple years.  The Receivership Sale eliminated any future environmental liability risk for the lender that could have resulted from a foreclosure.

How We Advised

Our key actions leading to operating improvements and a successful sale of the property included:

  • Kept the property open by managing it to a positive net cash flow, preserving its value for a sale.
  • Identified a qualified agent from outside the local market.
  • Successfully transferred the property via a court-approved sale process.

Upon taking possession of the property, we:

  • Stabilized and managed all hotel operations.
  • Hired and oversaw a general manager.
  • Updated and managed all reservation systems.
  • Collected all income and paid all property-related expenses.
  • Delivered detailed property-related accounting to the court and creditors on a regular basis.
  • Worked to stabilize property and improve RevPAR.
  • Hired a third-party sales agent and approved and directed all marketing activity.
  • Reviewed and selected buyers and negotiated all purchase contracts with the buyer.
  • Coordinated all legal processes required to achieve court approval of the sale.
  • Coordinated all escrow and title requirements to successfully close the sale.

Related Practice Areas

> Receiverships 
Federal and state courts, creditors, and legal counsel choose our team to serve as Receiver of distressed businesses and real estate entities. We stabilize operations and cash flow, safeguard business assets, and pursue methods to maximize financial recovery. Our multidisciplinary team applies a wide breadth of restructuring and industry experience as Receiver to take control of companies facing financial, operational, and legal issues. 

 

> Solutions for Distressed Situations 
We deliver integrated solutions for distressed and insolvent businesses that maximize recovery, mitigate risk, and restore enterprise value. Our experts are retained to help distressed organizations stabilize operations, protect stakeholder interests, and execute turnaround strategies. We take an operationally-focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. 

Key Contact

For additional information about the engagement or to learn more about our services, contact:

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