Presentation on theme: "Hotel Workouts and Receiverships Background and Qualifications Contact: Derek Sylvester, Principal (610) 687-9280 DSylvester@gulphcreekhotels.com."— Presentation transcript:
1 Hotel Workouts and Receiverships Background and Qualifications Contact: Derek Sylvester, Principal (610)
2 BACKGROUND & EXPERIENCE Founded in 1996 with the development and opening of five Hilton branded hotels from 1998 to 2002Portfolio sale in 2005Developed and opened two Marriott Courtyards in 2005 and Sold in November 2010.Senior leadership buyout of GCH from founders in July 2008 to focus on regional hotel management.Founders formed Gulph Creek Development to focus on regional hotel development.Currently operate seven select-service hotels and one full-service hotelTwo managed hotels are owned by the bank, one is in receivershipAffiliations - Hilton, Marriott, IHG, Choice, Best Western and IndependentIn development – Hampton Inn (2), Staybridge Suites, Independent Hotel.Approved developer and operator for all major brands including Starwood, Hilton, IHG and Marriott$39 million annual revenue, 300 Employees
3 CURRENT MANAGED HOTELS PORTFOLIO GuestRoomsLocationYearOpenedHilton Garden Inn105Hamilton, NJ2007SpringHill Suites200Liberty International Airport, NJ2004Crowne Plaza340Philadelphia, PA1980Best Western – Widener HotelBank Owned60Chester, PAComfort SuitesLewisburg, PA2011Staybridge Suites106Royersford, PA2009Countryside Inn & Suites118Breezewood, PA1972Fairfield Inn & Suites111Millville, NJTotal1,101
4 RECEIVERSHIP/MANAGEMENT SERVICES GCH is positioned to serve as the receiver and management company for a non-performing hotel. We currently operate two bank-owned hotels, one of which is a receivership. Our methodology is outlined below:Determine the best plan to minimize the loss to the bank or special servicer.Forbearance agreement, receivership in placeTakeover of management (after obtaining waiver of lender liability) or foreclosure and eventual sale of the asset.Determine ability of the hotel or motor inn to service debt or generate cash flow in the short or long term.Assess condition of books and records, implement internal controls and cash handling procedures.Evaluate physical condition of the property relative to the competition and the amount of renovation needed to restore the hotel's competitive edge or maintain the current franchise affiliation.Determine whether the existing franchise is adequate for the market and the hotel
5 ASSET MANAGEMENT/WORKOUT SERVICES Gulph Creek Hotels addresses these issues by conducting the following steps:Receivership in BankruptcyManagement Operations ReviewForbearance AgreementFranchise EvaluationIn-Depth Financial ReviewMarket Position AnalysisPhysical Review/Renovation EstimatesFinancial ProjectionsDebt RestructuringMarketing Plan CritiqueStrategic PlanOn-Going Management ReviewForeclosure/Bankruptcy StrategyEstablish Sale PriceDisposition Strategy
6 WHY GULPH CREEK HOTELS?We will focus our attention on you, your asset and your concerns.We won’t just baby sit your hotel, we will secure and clean up the asset, drive revenues, streamline operations and maximize value.Market leaders – your asset will be part of a highly competitive hotel portfolio. Three of our six hotels are #1 in their respective comp sets.Hands on – we are a smaller owner-operated company with an owner serving as the single point of contact for you and the asset.Well respected company – we are an approved Operator with all major brands – Marriott, Hyatt, IHG, Hilton, Starwood and Choice. Currently operate independent hotels.Experienced – we are an experienced receiver with a strong takeover and distressed hotel management track recordStrategic partner – we bring strong valuation, market study and hotel consulting experience to support the best course of action for the asset.350 Employees, $36 million annual revenue
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