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REVPAR International Launches L3 Services to Assist
Hospitality Lenders, Lawyers, Loan Servicers

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Washington DC, January 20, 2009 - Today REVPAR International, a leading hospitality advisory and asset management firm with a strong track record of improving asset value for clients, launched a group of specialized services to help Lenders, Lawyers, Loan Servicers and other industry professionals weather this economic climate and position themselves for the coming rebound and up-cycle. 

“Our new L3 services are specifically designed to give Lenders, Lawyers, Loan Services, among others, an edge in dealing with hospitality assets during these challenging times,” said Rick Pastorino, Managing Director of REVPAR International in making the announcement. “Based on our long standing reputation for providing informed, reliable, and conflict-free advice, we are experiencing immediate traction for this group of services.”

“REVPAR delivers optimal recommendations and outcomes to our existing clients, as well as to those who are new to the “down” cycle of our industry,” says Randy Carroll, who spearheads asset management at REVPAR International. “The L3 services rely on our traditional areas of expertise but have been refocused and tailored to provide essential triage services to industry stakeholders in an effort to minimize the pain and suffering, and improve the financial outlook of the client’s hotel assets,” continues Mr. Pastorino.  “Just as important, given that we are independent from all the stakeholders, we can provide the client with unbiased objective counseling,” remarks Mr. Carroll. 

Hotel owners, operators, lenders, loan servicers, pension funds, insurance companies, private equity groups, and government agencies with assets in the U.S., Caribbean, Europe, and Asia are some of the key industry stakeholders who currently benefit from REVPAR’s asset management and advisory services. 

The company’s L3 services encompass all facets of hotel operations including operational reviews, reorganizations, asset management, work-outs, insolvencies, liquidations, refinancing, and capital needs for distressed hospitality real estate or loans. 

“No one wants to appear distressed. Our knowledge of all facets of the hotel asset, including the physical plant, operations, capital structure, and associated contracts and agreements that allow the hotel to function, are key value drivers and allow us to craft the best course of action for the client and maximize the inherent value of the asset,” according to Mr. Pastorino. “We work side by side with the other professionals to ensure our client’s interests are maximized.” 

The L3 services provided by the REVPAR team include: 

  • Comprehensive and effective hotel asset management and operational review services with best practice recommendations that include monitoring of on-site operations from the perspective of loan security and collateral protection. 
  • Acquisition, disposition, hypothecation, and securitization of existing loans including due diligence, contract negotiation, and settlement. 
  • Expert witness for attorneys relative to hotel operations, strategic plans, valuations, workouts, changes in management, and more. 
  • Advise in the event of loan defaults, bankruptcies, reorganizations, receiverships, orderly liquidations, and other insolvency-related matters. 
Lower Costs  |  Improve Loan Standing  |  Identify New Revenue
  • Assess hotel operating performance and research variances to enhance revenue, judiciously lower costs, and ensure maximum profitability. 
  • Identify and exploit new revenue opportunities to the benefit of borrowers and lenders. 
  • Establish performance benchmarks, measure results and report to lender. 
  • Recommend to L3 partners the reasonableness of borrower’s proposed management and/or franchise affiliation and the terms thereof. 
Expert Hospitality Industry Knowledge and Relationships
  •  Represent L3 partners in dealings with hotel operators, franchisors, governmental agencies, community groups, and suppliers.
  •  Ensure and optimize compliance with loan requirements, management contracts, franchise agreements, and property improvement plans.
  •  Prepare, evaluate and make recommendations relative to borrower’s proposed repositioning of hotel asset through rebranding, renovation, and/or expansion.
  •  Assist in loss negotiations with public and independent insurance adjusters, in the event of subrogation or foreclosure.


For more information and to find out how REVPAR can help optimize your hotel investments during these turbulent times, please call Rick Pastorino or Randy Carroll at 703.838.9707 or email r.pastorino@revparintl.com or r.carroll@revparintl.com.

About REVPAR International

Founded in 1992, REVPAR International is one of the hospitality industry’s oldest and most highly regarded boutique consulting firms. Their dedicated team has successfully completed thousands of assignments throughout the United States, Caribbean, Europe and Asia.  REVPAR is the insider’s recommendation to owners and developers by major hotel brands for a wide array of advisory services.  The consultants of REVPAR International each have extensive operational backgrounds in addition to their advisory experience.  In 2007, REVPAR merged with Lazer Lodging Asset Management, a well-known third-party hotel asset management company founded by Randall Carroll, former SVP of Real Estate & Asset Management for MeriStar Hospitality Corporation, which was taken private by Blackstone Group in early 2006.  The merger of REVPAR and Lazer created a unique, full-service advisory and asset management platform serving the needs of owners and lenders with hotels, resorts, timeshare, fractional and other leisure realty interests. To learn more about REVPAR International, please visit their website at www.revparintl.com.

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Contact:

REVPAR International
8000 Towers Crescent Drive
Suite 1200
Vienna, VA 22182
703.838.9707

Sharon Lemon
sharon@zestcommunications.com
+1.970.769.0510

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Also See: Lazer Lodging And REVPAR International Merge To Create Formidable Hospitality Asset Management and Advisory Services Company / October 2007
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