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Sandman Savrann Articles
Meltdown Opportunities for Hotel Buyers: The "Hotel Restructuring" and the Acquisition Out of Bankruptcy
As the meltdown/recovery cycle grinds away, opportunities remain relatively scarce, but they do exist. Buyers can seek out "The hotel restructuring opportunity." They can also seek to buy hotel assets out of bankruptcy. What is the context for these opportunities, what are they about, and how can they be captured? More»
Entering the Asset Management Game - A Guide to Successfully Making the Transition
The hotel industry is seeing an increased interest among hotel companies to provide hotel asset management services. What are the pressures that are driving this trend? What are the best practices for securing asset management engagements? More»
Hotel Owners, Lenders and Stakeholders Square Off: Equitable Subordination
The hotel industry’s year-over-year declines continued in the second quarter of 2009. Demand is leveling out at a lower baseline, and the hotel industry is adjusting to a new reality. More»
Hotel Loans In Trouble - Pointers For Lenders
Lenders who understand the unique and complex aspects of hotel collateral can avoid costly missteps and resulting losses. More»
Approaching the International Hotel Project Intelligently: Considerations to Reduce Complexity, Costs, and Risks
The forces of globalization continue to change our world, and with it the hotel industry. In response, U.S. hotel developers, brand owners, and investors have continued to accelerate their efforts to extend their reach across borders and apply their skills in new, international markets More»
Troubled Condo Hotel Workouts – the Time Has Arrived
The recent collapse of the residential real estate boom has put significant stress on the hotel industry’s fledgling condo hotel segment. More»
When a Condo Hotel Implosion Appears Imminent, What Can Be Done?
In February 2006, we warned that some borderline and even ill-advised condo hotel projects were being pursued. We asked, if a borderline project is built, how can the owners’ association or the developer (if he is still in the game) help avert an implosion? More»
What is a Condo Hotel, Why Does it Work, and Why is it Challenging?
Condo hotels, the industry’s hot new segment, has been given prominent billing at virtually every hotel conference in the past three years. The writing on the subject, however, can seem dense and confusing to the uninitiated. More»
Condo Hotels: Three Years into the Concept
Condo hotels have been the industry’s new, hot segment for the past three years. At virtually every hotel conference, the topic has been given prominent billing. More»
Troubled Hotels and the Renegotiation of Management Agreements
It was the hotel industry’s “perfect storm”: the bursting tech bubble, a recession, 9-11, the war in Afghanistan, the SARS scare, and the invasion of Iraq. More»
Condo-Hotels: How Developers and Owners’ Associations can Avert a Hotel Implosion
USA Today published a full-page article in its business section entitled “It’s a Hotel. It’s a Condo. No, It’s Both!” Hoteliers and developers are not accustomed to seeing the lodging industry’s business trends make national news in the general press. The USA Today article clearly demonstrates that the condo hotel rage is in full swing. More»
The Condo Hotel Rental Program Agreement
As Bart Bartholdt concluded his article “The Condo Hotel: When Might the Security Laws Apply” (© 2005 Graham & Dunn PC), “[s]tructuring a rental program to be offered in connection with Units in a condo hotel, in such a way as to avoid the securities laws, requires careful attention.” In the spirit of “careful attention” this article looks at elements of a rental program agreement (“Agreement”), offering comments and discussion illustrating the unique operational issues it presents. Each project and hotel owner is unique, therefore the guidance and language provided is intended as a starting point for the drafter. More»
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