Transitional and Distressed Circumstances Management
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 appointed as Receiver for Hibiscus Suites Inn.Blue Water Hospitality appointed as new management company for Lake Tarpon Resort by US Bankruptcy court of Middle District of Fl.
Lake Tarpon Resort is a full service resort hotel located on Lake Tarpon in Palm Harbor. Blue Water is tasked to improve operations and revenues. Blue Water was chosen due to its extensive experience in turning around under performing and distressed 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.
Blue Water will also fund over due CapEx items, arrange DIP financing if required and research repositioning opportunities.
Our principal officers are well acquainted with the courtproceedings 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.
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. The appropriate background checks are performed on all employees and they are rehired and placed on the payroll of an affiliate of ours in order to reduce the investor’s associated risk.
We make sure that the assets of the property, both physical and monetary are protected and accounted for. Experienced staff in our offices does financial and accounting work for the property. 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.