Rim Hospitality Appointed as Receiver for San Diego Hotel
AUGUST 26, 2009 - Rim Hospitality, a full service hotel management company and distressed property receivership specialist, has been appointed as the receiver for the 300 room full service Hotel located in San Diego, California. This asset is the seventh receivership property for Rim Hospitality this year.
"This project reflects Rim Hospitality's ability to act as the court appointed receiver as well as manage the property with short notice. As the economy worsens, we are increasingly being called upon to manage these troubled assets for maximum loan recovery." said Rim Hospitality President & CEO, Mark Burden.
We have formed a separate entity solely owned by The Rim Corporation called Independent Hotels LLC (IHL). This division is fully staffed with individuals specifically trained to manage branded or non-branded distressed properties including an experienced in-house Court Receiver. IHL's sole function is to transition properties quickly to increase hotel profits and marketability. In addition, to our team of specialist we have created a website www.ihotelsonline.com linked to a booking agent to ensure each asset is connected to an online reservation system immediately. IHL offers specialized Receivership services including:
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Court appointed Receiver in foreclosure proceedings
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Shell Bank and credit card accounts open for immediate revenue security
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Hotel Evaluation including life safety, market analysis, brand conversions etc.
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Five year proforma and Capital Expense budget
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Detailed Property Business Plan
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An experienced team that can supervise any construction and remodeling needs of the hotel
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Web site and GDS provider already established for Independent Hotels
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Strong recruiting capabilities to fill staff positions
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All insurance needs for property with A15 rated carrier
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Strong brand support for all brands
Rim Hospitality currently manages 50 hotels throughout the United States, Canada and currently seeking opportunities in Mexico. With its headquarters in Modesto, and regional offices throughout the country, Rim Hospitality has more than 26 years of expertise in managing boutique, limited service and full service hotels and specializes in turnaround management and repositioning of troubled properties.
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