Appointed as Receiver on a $10M loan for a 104-room limited service hotel located in Oro Valley, AZ outside of Tucson. The property had recently lost its flag as a Wyndham Garden and its performance was suffering dramatically. The property is located immediately across the street from one of the largest employers in the area but was unable to get traction without a loyalty program to attract corporate travel nights. The Lender appointed Resolute to assume control of the property from absentee out of state borrowers, stabilize the asset and identify best possible outcomes to maximize the sale of the property.
Resolute’s role at the property provided immediate direction to the existing staff, reestablished a marketing presence with the local community and sought a new flag under which to brand the property. Resolute identified the Holiday Inn Express brand as the most viable option for the existing bones of the property, availability in the overall market and most efficient deployment of capital. Our team was then asked to develop a Property Improvement Plan (PIP) to gain this flag. Through the execution of this plan, the property was reflagged which will dramatically increase RevPAR and occupancy.
Resolute’s diligence with the property resulted in a full payoff of the loan for the Secured Lender.