Hotel and Commercial Real Estate Receivership Services
Rim Hospitality facilitates receiverships and offers a wide range of asset receivership services for hotel properties in receivership or foreclosure. Our services include reviewing receivership orders, court appearances, pre- and post-takeover service, and tax assistance. Rim Hospitality Property Receivership Services
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Review Order.
Rim Hospitality will assume the responsibilities of the Proposed Receiver and
reviews receivership orders to ensure protection of hotel assets.
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Initial Court Appearance.
As the Proposed Receiver, Rim Hospitality will appear in court to provide testimony, present qualifications, and set the bond and issuing order.
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Takeover Services.
The Rim team will take possession of all hotel assets, including securing cash on the property and seizing all accounts. Rim sends notification of Receivership status to the franchise, vendors, lessees, and interested parties. Human resources specialists help the transition.
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Post-Takeover Services.
Rim handles operational and administrative duties for the Receiver, including protection of the franchise; state and local sales and occupancy tax issues; pre-takeover lawsuits, claims, or outstanding insurance matters; obtaining control of deposits from utilities and government entities; managing pre-takeover vendors and leaseholders.
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Reporting.
Rim prepares a monthly Receivership Report as directed by the Court using standard accounting practices, and issues a final accounting to the Court after foreclosure in a thorough and timely manner.
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Ongoing Court Appearances.
Rim will provide testimony for legal issues, including Borrower contesting the appointment of Receiver, Borrower’s filing for bankruptcy, Borrower’s failure to comply with Order of Performance and other illegal acts.
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Other Services Available.
Rim Hospitality’s hotel receivership specialists are available to discuss your property’s unique situation. Call us today for more information on detailed receivership services.
