Case Studies

State Court Receiver of Hotel in Arizona

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

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Home·State Court Receiver of Hotel in Arizona

The Situation

A non-performing hotel with asbestos located in Arizona.

How We Advised

As State Court Receiver, we successfully achieved a loan recovery for the lender.  The Receivership Sale eliminated any future environmental liability risk for the lender that could have resulted from a foreclosure.

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

  • Negotiated with the chain’s corporate office to maximize lease term and value.
  • Kept the property open by managing to a positive net cash flow, preserving its value for a sale.
  • Successfully transferred the property via a court-approved process.

Upon taking possession of the property, we:

  • Stabilized property operations.
  • Reviewed the reservation system.
  • 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.

 

> Chief Restructuring Officer (CRO) and Interim Management Services 
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value. 

Key Contact

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

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