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Need A Receiver?

"Smart Lenders Use Receivers"

 Let Southeast International Hotel Brokers introduce you to Randy L. Smith, Attorney at Law [bondable, experienced]  

Introduction
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.

Receiverships
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.

Experience
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.

Results
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 !

Coporate Profiles
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.

Philosophy
Southeast can only be as successful as its clients are satisfied. That is more than a slogan: it is a commitment.