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72 Units
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BRAND NEW COMFORT INN & SUITES
Just opened December 2011.
(JD1034) J. D. Smith
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79 Units
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NEWLY OPENED HOLIDAY INN EXPRESS FOR SALE IN SOUTHERN STATE
Property is brand new, just opened May 2011. Recreational lake area location about 1.5 hours from MSA.
Offered at $6,500,000 (RS990) Ray Sullivent
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69 Units
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COMFORT SUITES HOTEL FOR SALE ON INTERSTATE NEAR MEMPHIS
Offered at $6,200,000 (JD982) J. D. Smith
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63 Units
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BANK OWNED -- NEED OFFERS
63 unit Econo Lodge, exterior corridor with outdoor pool.
Offered at $1,400,000. (RLS971) Frank Smith
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HOME : Other Services
A judicial foreclosure is looked upon as a routine matter and often times that proves to be the case. In hotel foreclosure, however, where the stakes are higher, the borrowing can be into the millions and collateral includes things other than just real estate, it is important to remember than judicial foreclosures can be complex and require attention. The real property and collateral in hotel foreclosures include business operations which need to be continued during any foreclosure. In such instances, in order to protect the creditors’ interests, something more than a simple foreclosure action may be required.
Probably the most useful tool in the
arsenal of a creditor seeking foreclosure on a hotel property is the appointment
of a receiver. The primary reason for the appointment of a receiver would be to
preserve the property being foreclosed during the pendency of the foreclosure
action. Additionally, the creditor may also be looking to cash from business
operations as part of its collateral. In such cases, the appointment of a
receiver is a means of stopping the outflow of cash through the debtor and
accumulating it with the receiver during the pendency of the foreclosure. The
receiver is a fiduciary and has responsibilities to take and keep possession of
the property, receive rents, collect debts and do all things necessary to
preserve the property and to act as the court may authorize.
The principals
of Southeast are career hotel and real estate professionals, owning properties on
their own account. Southeast has managed, owned, and developed hotels,
restaurants, residential subdivisions and golf courses.
Southeast works for results. It is its business to work with the owners of the
property and determine their goals. In a rapidly changing and threatening
marketplace, there are times when it is best to manage and develop a
property/hotel until the market conditions rise to a point when the value of the
hotel can be maximized. At other times, the goal is to liquidate the asset as
quickly as possible. It is Southeast's commitment to work to determine and
achieve the appropriate goal !
Southeast was formed in 1964 and remains the country's leading hospitality
broker, having sold and closed many hotel properties throughout the United
States. Large, national clients have remained pleased with its service for more
than 40 years.
Southeast can only be as successful as its clients are satisfied. That is more
than a slogan: it is a commitment.
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