Grand Bay Receivership Services
Grand Bay Hospitality Group's receivership services focus on securing the client's asset and providing experienced hotel oversight of the property. The unique business operation of a hotel in the 24/7/365 operating environment, coupled with the distressed nature of the existing operation, present unique business challenges. With a proven approach Grand Bay quickly analyzes the operation, identifies reasonable opportunities, and develops a turnaround strategy. Grand Bay Hospitality differentiates itself with a unique approach by breaking the turnaround efforts into three components: sales and marketing initiatives, cost controls and operational issues, creating a strategic plan for each component. By focusing three teams on clear objectives the teams are able to rapidly put measures in place to impact revenue, reduce costs and improve service.
Receivership Services at Grand Bay Hospitality Group Includes:
- Take immediate possession of the hotel and all related bank accounts.
- Review the "Order Appointing Receiver" to understand the scope and authority to preserve the hotel and its value.
- Oversee management to ensure the hotel is operating soundly on a day-to-day basis. Identify staffing needs and provide as necessary.
- Develop a strategic plan in conjunction with on-site manager to implement sales & marketing, cost control and operational initiatives.
- Inspect hotel to determine if any life-safety upgrades or minor capital improvements are necessary.
- Notify creditors and suppliers of appointment as receiver.
- Review of franchise agreements, insurance policies, vendor contracts and leases to determine if they need to be continued, terminated or renegotiated.
- Provide timely progress reports of operational and financial performance.
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