Turning Around Your Under-performing Hotel
A distressed hotel can be one of the most complicated real estate assets. Hegg Hospitality can provide assistance in the restoration and positioning of financially challenged hotel properties. Our team assists banks and lenders with the management of foreclosed upon hotel assets and acts as a receiver. Our goal is to protect and enhance the property assets, while implementing management policies and procedures that restore and increase value.
We understand how important your business is and how vital it can be to fill empty beds, event spaces and restaurant seats. You can trust that our hotel turnaround plan will begin to deliver improved financial results and noticeable enhancements to service standards within weeks.
We are able to take over the hotel operations with minimal to no disruption to the property in light of our proven operational track record. A property evaluation will be done to determine compliance with brand and safety requirements to eliminate any potential liability for the lender. At the time of takeover, we will also review the processes in place including accounting, payroll, revenue management, and brand compliance to reduce the lenders’ risk as much as possible.
Our full-service operations and accounting team will take over the hotel’s day-to-day operations. We will ensure that all existing employees, including general managers, are given the opportunity to be part of the new team, as their experience and contribution to the property allows for lower transition costs. All administrative duties will also be covered by our team, ranging from communication with existing vendors and franchisors, to filing the necessary sales taxes, to renegotiating the necessary contracts to continue operations.