News for the Hospitality Executive
LEAWOOD, KS (October 6, 2011) - Leisure Hotel Corporation and Leisure Real Estate Advisors, part of the Leisure Group of Companies, has most recently doubled the number of Distressed Hotel Assets within their portfolio. Leisure’s unique one-stop hotel receivership, management and brokerage services – established with a 26-year proven track record of managing and brokering distressed hotels, resorts and condos – stabilizes troubled assets and operates them in a smooth and cost-effective manner, especially during the critical receivership/transition phase. Many hotel owners have unfortunately become over-leveraged with debt and are now faced with declining revenues and repayment due dates. Leisure’s experience and expertise assists hotel owners, lenders and legal representatives during these difficult times.
“It is unfortunate that our recent growth comes on the heels of others misfortune, commented Leisure’s CEO and President Steve Olson. The lodging industry continues to be faced with a crisis unseen since the late 80’s when what was then the RTC (Resolution Trust Corporation) was formed to take control of the large numbers of nonperforming real estate loans that the banks were unable to support. The difference this time is rather then the RTC managing the assets and liquidating them; the insolvent banks are being closed and immediately resold to more stable banks with government guarantees. Unfortunately most lending institutions are not prepared to take over a business as complex as a hotel or resort, especially when it involves franchise relations as well as capital improvement requirements by the franchise. In some cases if the franchise is not maintained it can result in the loss of as much as half the value of the property due to the loss in business associated with the franchise. Our job is to tell the bank what they have, its value, the capital needs, any franchise issues, develop a business plan as well as an ultimate liquidation plan that preserves as much value as possible”.
Olson pointed to Leisure's nationally ranked brokerage service, Leisure Real Estate Advisors, a full service brokerage company with extensive experience selling specific assets such as these. It was featured in the 2008 Hotel Business 10th Anniversary Green Book as one of the nation's top hotel brokerage firms. In the same report, the company garnered additional recognition when Leisure Hotels was ranked 64th in the nation among independent, third-party management companies.
bank received 36 hours notice that our collateral (hotel) was to be
Leisure assembled a complete property management team, assumed control
property, addressed significant deferred maintenance, stabilized
now is brokering the property. I could not be more pleased with the
by the Leisure Hotel team", David Hodge, Chief Credit Officer for First
State Bank in Kansas City stated.
Brent A. Jaynes, Managing Partner
Leisure Real Estate Advisors, LLC
Leisure Group of Companies
4501 College Blvd Suite 275
Leawood, Kansas 66211
Phone - 913-905-1460
Estate Advisors Announces the Sale of Two Bank Owned Hotels / July
Estate Advisors Announces the Sale of the Staybridge Suites in West Des
Moines, Iowa / July 2011
Banks Look to Leisure Real Estate Advisors to Dispose of Distressed
Hotel Assets / May 2011
Real Estate Advisors Announces the Sale of the Hampton Inn, South
Lincoln, Nebraska / October 2010
Real Estate Advisors, LLC Continues Growth; David Jones Appointed
Investment Associate to the Kansas City Office / April 2009
|Leisure Hotels Expands Receivership Services for Distressed Hotel Assets; A One-Stop Resource with a 20-Year Track Record of Stabilizing and Operating Troubled Assets / April 2009|