Cornerstone Hotel Management is a Midwestern hotel developer and management company with years of experience helping banks secure an asset by providing assistance while wading through the waters of forecloser. With years of experience in stabilizing distressed properties, Cornerstone has gained the experience and knows what to do to turn a bad situation in a better situation.
With experience in franchise and bank negotiations, Cornerstone can give the bank the piece of mind while transitioning through this process with the franchise. Our experienced professionals provide the expertise to not only identify why the asset got into trouble in the first place but to steer the hotel back to the right course for profitability.
The goal of hotel asset management is to advise the client on the market conditions, operational shortcomings, financial obsticles and other elements that led to the situation and create a Business Plan to help in the sale of the asset or in turning the hotel around.
Receivership Takeover Process
*Secure the properties bank accounts, credit card accounts and on-site cash.
*Provide the lender with a detailed walkthrough of the strengths and weaknesses of the asset.
*Ensure Human Resource guidelines are in place to protect the lender from employment legalities.
*Evaluate all Life Safety issues with corrective action if necessary.
*Take on the role of liason between the franchise, current clients and current vendors to ensure a smooth transition.
*Attend all mandatory Court Appearances.
*Devolop an ongoing Sales and Marketing Plan within a Business Plan providing a blueprint for moving forward in a positive direction.
*Experienced in Full-Service Hotels, Limited Service Hotels, Conference Hotels and Extended Stay Hotels.
*Executing all necessary reporting under court orders.
*Asset redevelopment, and FF&E purchasing, installation and repositioning within the market.
*Ensure all Federal, State and Local laws are followed.
*Evaluating the staff and making the changes necessary to get the right people in place if necessary.
Why not have a professional on your side during unfortunate times?