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Denton Hospitality Appointed Receiver for Williamsburg, VA Hotel

Tuesday, June 22, 2010
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Virginia Beach based hospitality firm, Denton Hospitality, has been appointed by the Circuit Court of York County as Receiver for a financially challenged, nationally franchised hotel in Williamsburg, VA. The firm has handled several such cases this year as a growing number of lenders are taking action on defaulted hotel notes.

The receivership appointment ensures the lender (and other creditors) that the hotel and its assets are under the control of a neutral party with professional hospitality management experience who is tasked with protecting the collateralized assets. Denton Hospitality, as receiver, is tasked with managing the day-to-day operations, accounting, and human resources for the property. The company will provide a physical property assessment, operating budget, and will assess the market positioning and offer recommendations to improve revenues at the struggling property.

Generally, after the receiver has control of the assets the lender will either initiate the foreclosure process, a note sale, or in some cases the receiver is authorized by the court to sell the asset. In the event the bank takes ownership via foreclosure, the receiver is often retained to manage the REO property while it is marketed for sale.

Tim Stiffler, President of Denton Hospitality’s parent company noted, "There are a growing number of hotels in default on loan agreements across the country. Our firm is poised to assist lenders by protecting their collateral and by providing meaningful asset and operational assessments that guide decisions on how to maximize the property value.”

The Travelodge Williamsburg Central is a select service hotel conveniently located in the heart of Williamsburg within walking distance to the Yankee Candle store and just a few blocks from the infamous outlet malls and numerous restaurants. Colonial Williamsburg and Busch Gardens are just a few miles away. The property offers guests a seasonal swimming pool, free high-speed Internet and complimentary continental breakfast.

Denton Hospitality Consulting, LLC is the consulting and receiver division of Afton Hospitality Management. The company provides lodging property management and consultancy services to owners, investors and financial institutions. The principals have extensive experience in all aspects of hotel management, development and ownership, including Marriott, Hilton, Starwood, IHG, Choice and Wyndham branded properties in various geographic markets. The company’s services include full service property management, receivership, as well as sales and market analysis, physical plant assessments, franchise negotiations, on‐site property reviews and asset management.
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