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Hospitality Advisors provides Receivership and Foreclosure Services on behalf of the lender and/or State Court. Joseph Toy has served as Court-appointed Receiver and Foreclosure Commissioner throughout the State of Hawai‘i, as well as providing consulting services related to bankruptcy proceedings. Representative examples of Receivership/Foreclosure/Bankruptcy projects that our consultants have been involved in include the following:
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Appointed to serve as Receiver for the Ilikai Hotel in Waikīkī, which included 280 hotel and resort residential units, retail, and parking. The complex engagement at this mixed-use condominium hotel included reconstruction and investigation of cash records and accounts, identification and segregation of comingled assets, addressing issues related to homeowners’ association, retail revenue and expense, debtor and hotel operations, addressing extensive complex litigation and labor matters and preparation of a foreclosure marketing plan.
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Appointed to serve as Receiver for the 311-room Aston Kaua‘i Beach at Makaiwa resort in Kapa‘a, Kaua‘i on behalf of the State of Hawai‘i Fifth Circuit Court. The appointment includes overview of hotel real estate and operations including capital improvements and cash flow management, sales and marketing, hotel, food and beverage and retail operations, tenant and vendor contract negotiations, insurance matters and Court administrative issues.
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Appointed to serve as an officer of the Court as the Receiver and Commissioner for the 343-room Alana Waikīkī Hotel and other real estate, including a 40,000 square foot office building. The engagement included safeguarding of assets, evaluation of operations and other management company, marketing the hotel an office complex for sale, and administering the public auction of the hotel, office building and a prime residential lot that was pledged as part of the mortgage.
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Served as an advisor to the lender for a major 1,400-room resort and retail complex in Hawai‘i. The engagement included performing asset management services for the resort complex, including cash monitoring and management, retail leasing and monitoring of tenant revenue and expense, and oversaw the sale process of the asset auction behalf of the lender.
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Provided pre-Receivership services for a portfolio of three hotels, as well as an office building for both the lender and owner. Services included cash monitoring of disbursements, appraisal, operations analysis and risk analysis, and the development of an asset management plan.
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Served as consultant to the lender and bankruptcy trustee for a major luxury resort in Maui. Duties included recommending candidates to the lender for bankruptcy trustee appointment, establishing management and operational controls, monitored cash flow from hotel, food and beverage and retail outlets, facilitated in negotiations with vendors and tour wholesalers, and assisted in the closing of the sale.
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Provided Receivership services for a 400-room resort in the Caribbean. The engagement included selection and negotiation of an interim management company, management of relationships with debtor, attorneys, lender and the Court, overview of operations, budgeting and asset management.
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Served as Foreclosure Commissioner for the Makalei Golf Course on the Island of Hawai‘i including 1,600 acres of land. The appointment included developing and implementing procedure for marketing the property, as well as holding a public foreclosure auction.
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Served as Receiver and Foreclosure Commissioner for the Kā‘anapali Golf Courses in Maui. Services included creation of a Receivership LLC to employ golf course workforce, including creation of a corporate infrastructure, negotiation with various insurance carriers, development of financial and operational reporting procedures, negotiations with the ILWU, development of a capital improvement plan, marketing and selling the property under a foreclosure auction, and addressing numerous complex real estate, operational and financial issues related to the Receivership.
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Appointed to serve as an officer of the Court as the Receiver and Commissioner for the Ko‘olau Golf Course and 1,000 acres of additional land. The engagement included taking possession of the property, negotiating with the State of Hawai‘i in condemnation of certain land parcels, marketing the property and holding an auction for the sale of the golf course.
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Served as consultant the lender and Foreclosure Commissioner for the Royal Kunia Golf Course. Responsibilities included operations analysis, to budget analysis, capital expenditure analysis and approval, and preparation of reports submitted to the court on behalf of the Commissioner.
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Appointed as Receiver and Foreclosure Commissioner for 3,000 acres of resort and golf course zoned land on the Island of Hawai‘i. The foreclosure process included analyzing various conveyances and zoning documents, as well as marketing the property and conducting the auction.
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Served as advisor to a real estate investment firm in acquiring the assets of a major hotel company in bankruptcy. Services provided include assisting in the development of the buyer’s bid strategy, evaluation of due diligence documents, development of a renovation and redevelopment plan for the hotel and retail, and assistance in negotiation of tenant leases.
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Hospitality Advisors LLC • Topa Financial Center •
745 Fort Street • Fort Street Tower, Suite #2124 •
Honolulu, HI 96813
Ph. (808) 550-8955 • Fax (808) 550-8655 |
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