Blue Water Hospitality has expertise in the management of hotels in transitional and distressed circumstances. With our expertise we are able to provide efficient and cost effective Receivership Services for lenders that are preparing to foreclose and sell a property. Blue Water will also fund over due CapEx items, arrange DIP financing if required and research repositioning opportunities. Blue Water Hospitality appointed as new management company for Lake Tarpon Resort by US Bankruptcy court of Middle District of Fl. And Blue Water appointed as Receiver for Hibiscus Suites Inn.
Lake Tarpon Resort is a full service resort hotel located on Lake Tarpon in Palm Harbor. Blue Water is tasked to imporve operations and revenues. Blue Water was choosen due to its extensive expeirince in turning around under performing and distrssed hotels. Syed Raza, President of Blue Water Hospitality explained that hotel is under performing due to lack of sales & marketing efforts and operational inefficiencies, however with focused management, resort has potential to recapture its market share.
Our principal officers are well acquainted with the court proceedings involved in the appointment of a receiver. Our experience gives us the ability to efficiently go through the legal process with our clients including insuring that the all important Order Appointing a Receiver is adequate in its scope and provides the necessary tools for both a smooth transition but also cleaning up unpaid bills and leases.
We make sure that the assets of the property, both physical and monetary are protected and accounted for. Financial and accounting work for the property is done by experienced staff in our offices. Monthly & quarterly reports are provided to hotel GM’s and staff for superb efficiency and owners to keep them informed. Additional reports are prepared and submitted as necessary.
Utilizing our management know-how and our company’s flexible structure, we are able to smoothly take over operation of the property, on very short notice if necessary. When we become receiver, we enter it as we would any hotel we manage. As you would expect, we will be present at the hotel at the time of takeover to become familiar with its operations and implement the necessary changes.
Blue Water Hospitality is able to efficiently develop and execute the necessary hotel business plans that will increase the efficiency and appearance of a hotel. This will help the selected hotel broker show the hotel in the best possible light to prospective buyers. We will work hard to help effectively dispose of the hotel asset.
Receivership Services generally cost no more than regular management services for other hotels that Blue Water manages. The exception is when extra court appearances are required or when borrowers challenge the Receiver entity on some matter. In that case reasonable hourly rates are charged and all concerned are advised in advance. As Receiver we do retain outside counsel and this is an expense of the Receivership.