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Workouts, Bankruptcies & Receiverships


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This is Jim Butler, author of www.HotelLawBlog.com and hotel lawyer. Please contact me at Jim Butler at jbutler@jmbm.com or 310.201.3526.

« October 2008 | | December 2008 »
Posted On: November 25, 2008 by the JMBM Global Hospitality Group®

Hotel Lawyer -- Making a bigger pie for everyone in defaulted Hotel Loan mortgage loan turnarounds, restructurings and bankruptcies

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®

Hotel Lawyers | Authors of www.HotelLawBlog.com

25 November 2008

Please see "troubled hotel loans - workouts, bankruptcies & receiverships" for the latest articles on troubled hotels.

Hotel Lawyer with some solutions for underwater hotel loans.The SAVE® Program stands for Strategies & Approaches for Value Enhancement

Today, we want to talk about the scenario where Lenders and Borrowers find that there is "not enough to go around" to take care of everyone, but we find a way to create significant additional value.

Continue reading " Hotel Lawyer -- Making a bigger pie for everyone in defaulted Hotel Loan mortgage loan turnarounds, restructurings and bankruptcies " »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: November 24, 2008 by the JMBM Global Hospitality Group®

Hotel and Timeshare Lawyer -- 3 Keys to Survival for Vacation Ownership Developers as the Financial Crisis bites deeper

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
24 November 2008

Even the ARDA Conference in Washington, DC last week reflected the gloomy financial crisis when our timeshare guru, David Sudeck, was there. The usually ebullient crowds were more subdued than normal. In fact, one gentleman in the elevator commented that he considered wearing a noose rather than a tie around his neck at the conference. Ironically, the demand for all flavors of timeshare, fractional, vacation ownership and clubs seems remarkably resilient given the current situation, but the wholesale absence of financing does present some serious problems.

If you missed David's last report (See Hotel and Timeshare Lawyer insights on special implications of "the downturn" for Vacation Ownership), this is the critical follow-up on how vacation ownership developers can protect themselves.

Continue reading " Hotel and Timeshare Lawyer -- 3 Keys to Survival for Vacation Ownership Developers as the Financial Crisis bites deeper " »

Posted In: Timeshare

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Posted On: November 19, 2008 by the JMBM Global Hospitality Group®

Hotel Lawyer: The "Great De-leveraging," a "financial panic" and unprecedented opportunities coming our way. Do you see them? Are you ready?

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
19 November 2008

Hospitality Lawyer with updated thoughts from the latest commercial real estate finance program in San Francisco.

Many of my friends in the hotel industry are in denial. Others are consumed with the daily drama of the unfolding financial panic. I am excited that we are about to see some of the greatest financial opportunities of our lifetime.

Here are some thoughts that I presented yesterday as keynote speaker at the 6th Annual Bay Area Income Property Lending Conference.

Continue reading " Hotel Lawyer: The "Great De-leveraging," a "financial panic" and unprecedented opportunities coming our way. Do you see them? Are you ready? " »

Posted In: Global Financial Crisis & Recovery , Outlook and Trends

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Posted On: November 18, 2008 by the JMBM Global Hospitality Group®

Hotel Lawyer: ADA litigation must be brought for a proper purpose

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
18 November 2008

by Martin H. Orlick

A "professional plaintiff" that has filed more than 400 nearly identical lawsuits against hotels, restaurants and other businesses in California may have to find a new line of work. The U.S. Supreme has let stand a prior ruling that this serial plaintiff, and his lawyer, cannot file ADA lawsuits without first obtaining the court's permission.

Continue reading " Hotel Lawyer: ADA litigation must be brought for a proper purpose " »

Posted In: ADA Defense

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Posted On: November 16, 2008 by the JMBM Global Hospitality Group®

Hospitality Lawyer - "Speed bumps" in the road to bankruptcy for hotels and resorts. Part 2 - Can a hotel ever be a "single asset" for bankruptcy purposes?

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
16 November 2008

Please see "troubled hotel loans - workouts, bankruptcies & receiverships" for the latest articles on troubled hotels.

Hospitality Lawyer: Turnarounds, workouts, receiverships, bankruptcies and deeds in lieu for troubled and defaulted hotel mortgage loans. As the bad news continues from the Global Financial Crisis, and as the recession bites deeper, the hotel industry is starting to feel the pain.

Continue reading " Hospitality Lawyer - "Speed bumps" in the road to bankruptcy for hotels and resorts. Part 2 - Can a hotel ever be a "single asset" for bankruptcy purposes? " »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: November 16, 2008 by the JMBM Global Hospitality Group®

Hospitality Lawyer -- "Speed bumps" in the road to bankruptcy for hotels and resorts. Part 1 -- Special Purpose Entities getting approval to file bankruptcy.

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
15 November 2008

Please see "troubled hotel loans - workouts, bankruptcies & receiverships" for the latest articles on troubled hotels.

This is one of many articles on the subject of "troubled hotel loans - workouts, bankruptcies & receiverships" in the rich library at www.HotelLawBlog.com.

Hospitality Lawyer: Turnarounds, workouts, receiverships, bankruptcies and deeds in lieu for troubled and defaulted hotel mortgage loans. As we all fasten our seat belts for a rough ride in the Global Financial Crisis, commercial real estate has begun to feel the pain. Hotels will share the fate of the economy, commercial real estate, the airlines and consumer confidence. It does not look pretty.

Continue reading " Hospitality Lawyer -- "Speed bumps" in the road to bankruptcy for hotels and resorts. Part 1 -- Special Purpose Entities getting approval to file bankruptcy. " »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: November 9, 2008 by the JMBM Global Hospitality Group®

Hotel and Timeshare Lawyer insights on special implications of "the downturn" for Vacation Ownership

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
10 November 2008

Hospitality Lawyer -- What does the Financial Crisis mean for vacation ownership projects?

As you may have read in a previous article or press release, David Sudeck recently joined JMBM's Global Hospitality Group as a hotel lawyer to head up our timeshare and vacation ownership practice. He is a real veteran on the team for these issues. (See "Hotel & Timeshare Lawyer Joins JMBM's Global Hospitality Group® team").

David has started writing and posting his own series of articles on vacation ownership. You can access these timeshare and vacation resources under the "Timeshare" TOPIC -- one of the tabs at the top -- at www.HotelLawBlog.com. You can also just go to http://hotellaw.jmbm.com/timeshare/.

Vacation ownership products (including timeshares, fractional interests, and private residence clubs) have an increasingly important role in the development and respositioning of hotels and resorts, but as the Financial Crisis has gone global, there are some special implications for the industry which David writes about in this timely article.

Continue reading " Hotel and Timeshare Lawyer insights on special implications of "the downturn" for Vacation Ownership " »

Posted In: Timeshare

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Posted On: November 5, 2008 by the JMBM Global Hospitality Group®

Hospitality Lawyer: Why you must act NOW to win the hearts, minds & loyalty of your workforce

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
6 November 2008

Hospitality Lawyer: The EFCA: Why you must act NOW to win the hearts, minds & loyalty of your workforce.

Continue reading " Hospitality Lawyer: Why you must act NOW to win the hearts, minds & loyalty of your workforce " »

Posted In: Labor & Employment

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Posted On: November 3, 2008 by the JMBM Global Hospitality Group®

Hospitality Lawyer: Special Servicers and Special Asset teams confer in Dallas for top special servicing conference

For the most recent update on this topic, click here

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
3 November 2008

Hotel Lawyer in Dallas, Texas at the Fishing for Solutions conclave of special servicers and hotel mortgage loan default SWAT teams. JMBM has been privileged to sponsor and take a significant role for many years in Steve Van's unique conference celebrating its 8th anniversary in Dallas this week. Steve and his hotel management companies -- Prism Hotels & Resorts (the company for managing good, healthy hotels) and REMIC Hotels (the company for managing bad, distressed hotels) -- dominate the hotel industry in terms of managing troubled hotels for lenders who appoint receivers, get bankruptcy trustees and take back troubled hotels. In the last few years, Steve has broadened his scope to include more traditional bank and other commercial hotel lenders and investors with troubled hotel assets. And of course Prism does an excellent job of managing the "good hotels" for Steve's own account, his investors, and many discerning owners (including some of JMBM's referred clients.)

Here are my thoughts from tonight's reception . . .

Continue reading " Hospitality Lawyer: Special Servicers and Special Asset teams confer in Dallas for top special servicing conference " »

Posted In: Workouts, Bankruptcies & Receiverships

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« October 2008 | | December 2008 »

About the Authors

Jim Butler

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Jim Butler is recognized as one of the top hotel lawyers in the world. He devotes 100% of his practice to hospitality, representing hotel owners, developers and lenders. Jim leads the Global Hospitality Group®—a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe.
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Robert Braun

Robert Braun is a partner in JMBM's Corporate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. Bob represents owners in both transactional and operational issues. He advises clients with respect to business formation, financing, mergers and acquisitions, venture capital financing, joint ventures and strategic partnerships. He has represented hotel owners in the negotiation of several hundred management agreements, as well as spa management and franchise agreements. Bob also advises hotel owners regarding telecommunications, software, internet, e-commerce, data processing and outsourcing agreements. To read Bob's articles, go to www.HotelLawBlog.com and select "Management Agreements." For more information, please contact Bob Braun at 310.785.5331 or rbraun@jmbm.com.

Marta Fernandez

Marta Fernandez is a partner in JMBM's Employment and Labor Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. As a management labor lawyer with more than 20 years of experience, Marta specializes in representing hospitality industry clients in all aspects of labor and employment including labor-management relations such as union prevention, collective bargaining for single as well as multi-employer bargaining units, neutrality agreements and defense of unfair labor practice charges before the NLRB. She defends employers in administrative and litigation claims, such as employee claims of sexual harassment and discrimination and counsels clients in preventative strategies such as executive training, arbitration enforcement, and policies and procedures. To read Marta's articles, go to www.HotelLawBlog.com and select "Labor & Employment." For more information, please contact Marta Fernandez at 310.201.3534 or at mfernandez@jmbm.com.

Catherine DeBono Holmes

Catherine DeBono Holmes is a partner in JMBM's Corporate Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. Cathy assists hotel clients with hotel management and franchise agreements, purchase and sale transactions, and condo hotel regime structuring. She has taken hotel owners through complex RFP processes involving all the major hotel brands. She has significant expertise in condo hotels and advises clients in the specific business and legal aspects of condo hotel regime structuring and documentation, including CC&Rs, HOA docs, unit management agreements, shared facilities agreements, rental management agreement programs and securities compliance matters (structuring, documentation and training). To access Cathy's articles on www.HotelLawBlog.com, click on the topics "Condo Hotels" or "Green Hotels" For more information, please contact Cathy Holmes at 310.201.3553 or cholmes@jmbm.com.

Guy Maisnik

Guy Maisnik is a partner in JMBM's Real Estate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. Guy's deep and broad transactional practice includes complex real estate finance and venture capital transactions, including project finance, commercial finance, leveraged leasing and real estate acquisitions. He assists clients with development, leasing and disposition, loan portfolio acquisitions, loan and debt restructure, workouts and real estate exchanges. Go to www.HotelLawBlog.com for current information in these areas. For more information, please contact Guy Maisnik at 310.201.3588 or mgm@jmbm.com.

David Sudeck

David Sudeck is of Counsel in JMBM's Real Estate Department and a senior member of JMBM’s Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. David has significant experience in the vacation ownership arena, focusing on the formation and registration of condominiums, timeshares and fractional interest regimes. He negotiates hotel, spa and restaurant management agreements, and assists client in the development, acquisition, sale and leasing of hotels, golf courses and restaurants. For David's take on current issues in the timeshare arena, go to www.HotelLawBlog.com and click on the topic, "Timeshare." For more information, please contact David Sudeck at 310.201.3518 or dsudeck @jmbm.com.

Robert Kaplan

Robert Kaplan is a partner in JMBM's Bankruptcy, Insolvency and Restructurings Group and a senior member of the Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. Bob represents lenders, special servicers, hard money lenders, community banks, national banking associations, distressed debt investors, and equity investors, positioning them for the best possible outcome by acting expeditiously to preserve value and increase cash flow. His industry experience and his knowledge of the current capital markets -- where distressed assets often include complex deal structures and securitized loans -- allows him to bring creative and effective strategies to the table. When aggressive litigation is the best strategy, he is a vigorous and effective advocate for his clients. Bob represented the securitized lender in the Chapter 11 bankruptcy case filed by the Clift Hotel in San Francisco, and in the subsequent negotiations and successful sale of the loan to a third party. The lender -- acting by and through GMAC Commercial Mortgage Corporation as special servicer -- was the holder of a $60 million loan secured by a Deed of Trust on the Clift Hotel. He has also served as counsel to CapMark, J.E. Robert Company, Inc., AMRESCO Management Inc. and Midland Loan Servicer in their capacity as special servicers on troubled hotel loans in CMBS pools. For more information, contact Robert Kaplan at 415.984.9673 or rkaplan@jmbm.com.

Martin Orlick

Martin Orlick is a partner in JMBM's Real Estate Department and a senior member of JMBM's Global Hospitality Group® -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,300 properties located around the globe. Marty specializes in representing hospitality industry clients in Americans With Disabilities Act (ADA) compliance and defense. He has represented more than 300 businesses in ADA issues, many of them hotels and restaurants, as well as hotel mixed-use properties. Marty is a member of the American College of Real Estate Lawyers (ACREL) and a frequent speaker on the ADA and other topics. To read Marty's articles, go to www.HotelLawBlog.com and select "ADA." For more information, please contact Marty Orlick at 415.984.9667 or morlick@jmbm.com.

James Abrams

James Abrams has significant experience in government affairs at the national level, the state level – including the California Legislature and scores of state agencies – and with local governments and agencies. He has authored successful ballot measures and scores of bills for his clients. Jim served as the President and CEO of the California Hotel & Lodging Association from January 1, 1991 through December 31, 2008 and is currently an adjunct professor in the Hospitality Industry Management Program at the University of San Francisco. He is a frequent speaker and writer on all aspects of the law relating to the lodging and hospitality industries, and he is the author of the book Laws Pertaining to the California Innkeeper, which is published by the California Hotel & Lodging Association. To read Jim’s articles, go to www.HotelLawBlog.com. For more information, please contact Jim Abrams at 415.398.8080 or jabrams@jmbm.com.

Eudeen Chang

Eudeen Chang is a lawyer in the Litigation Department of JMBM's Orange County office and a member of the Global Hospitality Group®. He represents hotels in a variety of litigation matters, including ADA defense. He is well-versed in all aspects of litigation, from pre-lawsuit strategizing to trial, post-judgment collection and through appeal. He also serves as outside general counsel for a number of small and mid-sized companies and high net-worth individuals. Contact Eudeen at EChang@jmbm.com or 949.623.7232.

Victor Shum

Victor Shum is a corporate and securities partner in JMBM's Corporate Department and a member of JMBM's Global Hospitality Group® and Chinese Investment Group™. He has advised clients on EB-5 matters since 1999 andassists hotel developers on EB-5 financing as well as public and privatesecurities, mergers and acquisitions, cross-border issues, and otherstrategic business transactions, including real estate transactions andintellectual property and technology licensing matters. For moreinformation, contact Victor Shum at 415.984.9611 or vshum@jmbm.com.

Scott Brink

Scott Brink is a senior member of JMBM's Global Hospitality Group® anda partner in JMBM's Labor & Employment Law Department. Scott is amanagement labor lawyer with more than two decades of experiencerepresenting employers in all aspects of labor relations and employmentlaw including union prevention, collective bargaining negotiations,defense of unfair labor practice charges before the NLRB, wrongfuldischarge litigation, individual and class action employmentdiscrimination and wage-and-hour claims, sexual-harassment litigation,arbitrations, personnel policies, California wage and hour law, andemployee discipline and discharge. An experienced trial attorney, Scotthas litigated a number of high-profile and complex cases involving awide range of labor and employment law matters. For more information,contact Scott Brink at RSB@jmbm.com or 310.785.5365.

Global Hospitality Group®
1900 Avenue of the Stars
7th Floor
Los Angeles, CA 90067
Direct: (310) 201-3526
Direct Fax: (310) 712-8526
E-mail: jbutler@jmbm.com

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Ask The Hotel Lawyer ™

Ask the Hotel Lawyer™ is a quarterly column that I write for JMBM's Global Hospitality Advisor®. If you have a question you would like to submit to Ask the Hotel Lawyer™ please use the comments box below. While your question may not be of sufficient general interest for the column, I will try to respond to you individually if you leave your contact information below. Jim Butler.