The Providence team represents over two decades of experience providing timely and professional hotel receivership and REO services across the country.
From a 42-unit boutique hotel to a 750-room convention center hotel, we have successfully secured each asset, protected values and provided a seamless management transition.
Providence is honored to have received multiple assignments from key financial institutions and special servicers.
Creating trust and earning additional opportunities by the successful completion of each appointment, is our sole focus.
Frequently Asked Questions
A. The purpose of appointing a receiver by the court is to preserve and protect the asset. Considerations for the appointment will vary, but include failure to service debt, pay taxes, the physical asset has fallen into disrepair, loss of brand and contributing reservation access causing a loss in value and property abandonment.
A. While there are too many to list here, primary powers would include: the ability to take control of all bank accounts, secure cash on hand, control merchant accounts, collect A/R, shed any unfavorable contracts, assume liquor license and appropriate permits, and the ability to immediately repair all life safety items.
A. Usually, third party assistance includes legal representation and accounting. Receiver may petition the court for any specific support like property conditions report, if needed upon securing the asset.
“We have called upon Providence Hospitality as Receiver, on multiple occasions, from Connecticut to California. Their timeliness, professionalism, insight and experience has proven essential in preserving and protecting asset value.”
John Mecklenburg, Vice President
Receiverships/REO 2020 Video- This is what we do.
