Receivership services to secure and stabilize the asset. We act immediately. Having acted as a court-appointed receiver, we understand that a hotel receiver can have a significant impact on the operation and value of a hotel. Being an effective hotel receiver requires thorough knowledge of the hotel industry and the understanding that each hotel is a unique, operating business requiring its own unique receivership strategy. We utilize our hotel experiences in operations, transactional work and ownership to provide hotel receivership services that secure and stabilize the hotel while maximizing its value.

As a hotel receiver, the principals of Hotel Source, Inc. will:

• Review the "Order Appointing Receiver" to ensure it is sufficient in scope and authority to preserve the hotel and its value.
• Take immediate possession of the hotel and all related bank accounts.
• Oversee management to ensure the hotel is operating soundly on a day-to-day basis.
• Develop a strategic plan in conjunction with on-site manager to implement accounting and operational protocols.
• Inspect hotel to determine if any life-safety upgrades or minor capital improvements are necessary.
• Notify all creditors and suppliers of appointment as receiver.
• Review of franchise agreements, insurance policies, vendor contracts and leases to determine if they need to be continued, terminated or renegotiated.
• Provide timely progress reports of operational and financial performance.
• Make all necessary court reports.

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