Turnarounds

The Bricton Group has a proven and successful track record in working with a distressed hotel or one that has entered into receivership. When working with the lending institution or owner, we will work efficiently and quickly to identify problem areas within the asset. Typically cash is in short supply and the property has suffered.

Operating from the perspective of an owner of the distressed hotel, The Bricton Group will formulate a detailed plan of action. The focus is on four key areas:

Physical Plant - The asset will undergo a thorough inspection to determine pressing needs and needs which can be postponed. Our experience in re-positioning hotels assists us in making smart decisions on how to implement changes to the asset and impact the guest without a significant capital investment.

Employees - All key employees are interviewed and either re-hired or terminated. For those employees that will remain, a dedicated focus will be placed on improving morale.

Financial Reporting - Our reputation of generating timely and detailed financial information for distressed hotels or hotels in receivership has allowed us to create a strong reference list - both from owners and from the courts.

Revenue Generation - The Bricton Group brings a very tactical approach to increasing revenues for distressed hotels or hotels in receivership. All areas are put under a microscope: direct sales, third party electronic distribution channels, brand contribution, social media programs, etc. We creatively search for ways to make an immediate and cost-effective impact on revenues.

Once we stabilize the asset, typically six to nine months, we work with the owner/lender in developing a disposition plan to maximize proceeds. The plan will include recommending, interviewing and selecting the proper brokerage firm to market the distressed hotel.

A Selection of References

White House Inn | Napa, CA | Management
In May of 2012, The Bricton Group was engaged by Union Bank to re-open and manage the White House Inn, located in Napa, CA. The scope included operating the asset on behalf of Union which foreclosed on the borrowing entity and took title to the property.

Ivy Hotel Downtown | Chicago, IL | Loan Consulting
In March of 2012, The Bricton Group was engaged by Ridgestone Bank to review the feasibility of the Ivy Hotel project in Downtown Chicago. The scope included reviewing the Budget's and Business Plan of the borrower who had applied for a loan and determining whether or not Bricton believed the hotel would be successful in the competitive downtown market.

Hyatt Regency Clearwater Beach Resort & Spa | Clearwater, FL | Consulting
In February of 2011, The Bricton Group was engaged by a major pension fund advisor to review operations and provide an in-depth analysis on the 250 guestroom Hyatt Regency Clearwater Beach. The investment management firm had provided debt financing for the project and Bricton was retained to advise the firm on operations and report the findings to the asset manager and senior management team.

Holiday Inn Express & Suites | Vancouver, WA | Receivership
On March 17, 2011, The Bricton Group was appointed receiver of the Holiday Inn Express in Vancouver, WA involving Union Bank. The case number, filed in Clark County, was 11-2-00736-1 and the presiding Judge was the Honorable Judge Diane M. Woolard.

Quality Inn – Notre Dame University Area | South Bend, IN | Analysis & Management
In March 2011, The Bricton Group was engaged by MB Financial as a consultant for the 229-Guestroom Quality Inn in South Bend. The borrower had started missing loan payments and Bricton was retained to provide a review of the physical plant, market & competition, operations, franchise standing, and to provide recommendations as well as a Five-Year Proforma. Upon completion of our initial analysis, The Bricton Group was retained by MB Financial and ownership to take over management of the property in order to assist in turning the property around.

Holiday Inn & Suites | Farmington Hills, MI | Analysis & Consulting
In August 2010, The Bricton Group was engaged by TCF Bank as a consultant for the 137-Guestroom Holiday Inn & Suites in Farmington Hills. The borrower had started missing loan payments and Bricton was retained to provide a review of the physical plant, market & competition, operations, franchise standing, and to provide recommendations as well as a Five-Year Proforma.

Days Inn | Woodstock, IL | Receivership
On June 29, 2010, The Bricton Group was appointed receiver of the Days Inn in Woodstock, IL involving American Community Bank & Trust. The case number, filed in McHenry County, was 10-CH-1240 and the presiding Judge was the Honorable Judge Michael Caldwell.

Country Inn & Suites | Manteno, IL | Receivership
On November 24, 2009, The Bricton Group was appointed receiver of the Country Inn & Suites in Manteno, IL involving CIT Group Lending Services (NYSE: CIT). The case number, filed in Kankakee County, was 09-CH-536 and the presiding Judge was the Honorable Judge Kenneth A. Leshen.

Fort Wayne Hotel & Conference Center | Fort Wayne, IN | Receivership
This receivership involved BRT Realty Trust (NYSE:BRT), a publicly traded mortgage REIT, and the Fort Wayne Hotel & Conference Center (formerly the Clarion) in Fort Wayne, Indiana. The case number, filed in Allen County, was 02D01-0901-MF-2. The presiding Judge was the Honorable David J. Avery. Receivership was appointed on March 9, 2009.

Quality Inn | Waukegan, IL | Receivership
The case number, filed in Lake County, is 06 Ch 1839. The presiding judge was the Honorable David M. Hall. The lender was First Eagle National Bank and the filing was in September, 2006.

Hotel Baker | St. Charles, IL | Receivership
Receivership involved LaSalle National Bank and the Hotel Baker in St. Charles, Illinois. The case number, also filed in Kane County, was 02 CH K 043. The presiding Judge was the Honorable Michael J. Colwell.

Ramada | Elgin, IL | Receivership
Receivership was appointed on June 7, 1999 involving General American Life Insurance Company (later acquired by MetLife) and the Ramada Hotel in Elgin, Illinois. The case number, filed in Kane County, is CH K ‘99 027. The presiding Judge was the Honorable Patrick J. Dixon.

Quality Inn Hotel | Palatine, IL | Receivership
In 1991, Bricton Group was nominated as receiver by LaSalle National Bank for the Quality Hotel in Palatine

Wyndham O'Hare | Rosemont, IL | Analysis & Consulting
In 2009, Bricton was engaged by Weiss Properties, Inc as a consultant for the 466-Guestroom Wyndham O'Hare to do a site evaluation, full operations evaluation, and to provide recommendations on performance optimization.

We pride ourselves on the impressive performance of the assets under our management. The strong performance of the assets under our management has afforded us the opportunity to manage and develop properties for an exceptional list of private equity and institutional partners. Among the owner/lenders we work with/have worked with are: Bank of America, Heitman, Lubert Adler, Fremont Investment and Loan, Heller Financial Real Estate (now GE), MetLife Insurance, First Bank, Realty Financial Partners, Harvard Private Capital, BRT Realty Trust, Arthur J. Gallagher& Company, TCF Bank, LaSalle National Bank, SunTrust Bank and CIT Group.