Summit Hotel Management Company, in addition to its hotel management services, provides receivership services. Summit has a solid history of working as receiver with institutional owners of distressed properties. Summit has acted as receiver for 24 properties in 14 states. Summit grants complimentary receivership services when contracted as the management firm. In selecting Summit, lenders obtain the following complete receivership services:
The proposed receiver reviews order for language critical in the protection of the hotel asset.
Initial Court Appearance
Summit, as proposed receiver, appears before local judge for purposes of providing testimony, presenting qualifications, setting bond, and implementing receivership order.
As receiver, Summit's management appears at hotel with order to take immediate possession of all real and personal assets. These assets include securing cash on property and seizing all accounts. Summit provides a detailed FF&E inventory and provides the courts with this information. Importantly, Summit stabilizes the employees for efficient takeover. Additionally, Summit sends notification of receivership status to franchisor, all vendors, lessees, and other interested parties.
Summit's management team understands that the asset's financial welfare depends on sound operations. As receiver, Summit's ongoing duties include but are not limited to: protecting the franchise, dealing with any outstanding state and local sales and occupancy taxes, handing any pre-takeover lawsuits, claims, or outstanding insurance matters, obtaining control of any deposits from utilities and/or governmental entities, and managing pre-takeover vendors and lease-holders.
Summit, as receiver, prepares a monthly receiver's report as directed by the court and issues a final accounting to the court after foreclosure.
Ongoing Court Appearances
As receiver, Summit provides testimony for any ongoing legal issues, including but not limited to: borrower's contesting appointment of receiver, borrower's failure to comply with order or performance or other illegal acts, and borrower's filing for bankruptcy.
As a hotel management firm, Summit's management team realizes issues may require services on a case-by-case basis. The management specialists are available to discuss special needs particular to your property.
Contents Copyrighted to Summit Hotel Management Company. All rights reserved.