Posted 2/3/2009 - 9:47:40 AM
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SAN DIEGO—Trigild has been appointed as receiver for six distressed hospitality and residential projects in the Western U.S. that represent more than $80 million in defaulted mortgages.
From strictly a hotel perspective, the latest portfolio of distressed properties has Trigild involved as receiver and management company for a 68-room La Quinta in Phoenix and receiver for a non-franchised, 88-room property in Ardmore, OK.
According to Bill Hoffman, president and founder of Trigild, as commercial loan defaults increase more lenders are electing to bypass the foreclosure process in favor of court-appointed receivers. Receivership provides lenders with impartial third-party control of an asset and allows for a quick start on preparing a property for a sale.
