Distressed Properties and Properties in Receivership

Experts in protecting your asset

Morrissey Hospitality Companies has expertise in the management of hotels in transitional and distressed circumstances. With our expertise, local assets, and experienced staff, we are able to provide efficient and cost effective Receivership Services for lenders that are preparing to foreclose and sell a property.


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Learn More About Our Receivership Process and Skillset

Receivership

Appointment
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.

Takeover
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 brand we manage. As you would expect, we will be present at the property 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.

Management
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. The accounting system that Morrissey Hospitality Companies utilizes permits our clients to view financial data over the internet using a web browser, allowing the interested parties to stay up to date with the business of their asset. Additional reports are prepared and submitted as necessary.

Why Us?
MHC is able to efficiently develop and execute the necessary business plans that will increase the efficiency and appearance of a property. This will help the selected broker show the property in the best possible light to prospective buyers.


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Learn More About How We Manage Distressed Property

Distressed

We view the world from the perspective of the guests’ experience. From limited service to five-star, it is this experience and the guests’ perception of value that generate revenue and profitability. Our collective expertise, reputation, and the consistent success of our brands generate numerous opportunities to provide consultative services to emerging concepts and existing brands. 

Morrissey Hospitality Companies has a proven and successful track record in working with distressed hotels, resorts, and restaurants or ones that has entered into receivership. When working with the lending institution or owner, we will work efficiently and quickly to identify problem areas within the asset. Typically cash is in short supply, and the property has suffered.

Operating from the perspective of an owner of the distressed hotel, MHC will formulate a detailed plan of action. The focus is on four key areas:

  1. Physical Plant - The asset will undergo a thorough inspection to determine pressing needs and needs which can be postponed. Our experience in re-positioning hotels assists us in making smart decisions on how to implement changes to the asset and impact the guest without a significant capital investment.
  2. Employees - All key employees are interviewed and either re-hired or terminated. For those employees that will remain, a dedicated focus will be placed on improving morale.
  3. Financial Reporting - Our reputation of generating timely and detailed financial information for distressed hotels or hotels in receivership have allowed us to create a strong reference list - both from owners and from the courts.
  4. Revenue Generation - MHC brings a very tactical approach to increasing revenues for distressed properties in receivership. All areas are put under a microscope: direct sales, third party channels (hotels.com, Travelocity, OpenTable, GDS, etc.), brand contribution, advertising and media programs, etc. We creatively search for ways to make an immediate and cost-effective impact on revenues.