Receivership is the process of appointment of a receiver to take custody of the property, business, rents, and profits of a person/company who is deeply in debt for the benefit of creditors. A receiver is a person placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights. Three common types of receivers include: (1) a receiver appointed by a regulator pursuant to a statute; (2) a privately-appointed receiver; and (3) a court-appointed receiver. The receiver's powers are explained in the document(s) underlying their appointment - a statute, financing agreement, or court order. The Receivership's purpose is to secure the asset and its operations, as well as determine a management solution that will maximize its financial performance.
CRES Hotel Brokers will supervise the Hotel Receivership process for any troubled property. We can provide the following Receivership Services: