New Program Launch Promises to Help Stabilize Financially Distressed Hotels
The Providence Group, LLC, a Massachusetts-based full service hospitality management company, announced today that it has launched a Distressed Hotel Management Program to help financial institutions, lenders and owners address their troubled hotel assets. The program is designed to stabilize operations, reduce risks and position the property to ensure optimal value of the asset.
Jed C. Heller, president of the Providence Group and an invited panelist at two recent Distressed Hotel Symposia, says, "Banks and other financial institutions find themselves in an increasingly poor financial situation dealing with so many failing hotels. Our goal is to quickly assess the situation, develop a strategic action plan, and leverage our network of buyers to assist in the sale of the property and minimize the financial drain on the investors and owners."
As part of the Program, The Providence Group will assess the property's physical plant, operations and marketing; create an operating budget and formulate a tactical plan; engage a General Manager, if appropriate; maintain accountability to implement all of the necessary action steps; and communicate progress with the financial institution and/or owner on an ongoing basis.
Jed C. Heller, president of the Providence Group and an invited panelist at two recent Distressed Hotel Symposia, says, "Banks and other financial institutions find themselves in an increasingly poor financial situation dealing with so many failing hotels. Our goal is to quickly assess the situation, develop a strategic action plan, and leverage our network of buyers to assist in the sale of the property and minimize the financial drain on the investors and owners."
As part of the Program, The Providence Group will assess the property's physical plant, operations and marketing; create an operating budget and formulate a tactical plan; engage a General Manager, if appropriate; maintain accountability to implement all of the necessary action steps; and communicate progress with the financial institution and/or owner on an ongoing basis.