Trigild Takes On More Distressed Hotels Via Receivership
Tuesday February 3rd, 2009 - 9:47AM W
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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.
Tags: • Hospitality •
As we begin 2015, and what is expected to be a healthy year for the hotel industry with expansion, progress and innovation as key catalysts for growth, Hotel Business is right on board with that momentum, bringing you, with this issue, our own updated product.