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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.

Workouts, Bankruptcies & Receiverships

Posted On: April 21, 2009 by the JMBM Global Hospitality Group®

Hotel Bankruptcy issues -- Special Purpose Entities getting approval to file bankruptcy.

By Jim Butler and the Global Hospitality Group®
Hospitality Lawyers | Authors of www.HotelLawBlog.com
21 April 2009

Hospitality Lawyer: Distressed hotel loan bankruptcies and restructurings are on the rise. Now we are starting to see some new issues tested. As The Great Recession of 2008 continues to set record unemployment levels and send shockwaves through the economy, hotel bankruptcies are on the rise. Sure a lot of lenders are tending to extend maturities, work out forbearance restructurings or go for uncontested receiverships, but we are starting to see some bankruptcy filings as well.

And just as the economy is in "uncharted waters," some loan structuring terms or approaches that were developed in the 1990s have not been fully tested, if at all, by a severe downturn or serious litigation. One of those devices that has been quite popular is the use of a "special purpose entity" or SPE.

Continue reading "Hotel Bankruptcy issues -- Special Purpose Entities getting approval to file bankruptcy." »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: April 16, 2009 by the JMBM Global Hospitality Group®

Hotel Lawyer: Live, love and know your CMBS Special Servicer. Why no one may be more important for you to know all about right now -- in survival or "treasure hunting"

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
16 April 2009

Hotel Lawyer with the latest data on commercial real estate loan maturities and some important implications -- Why you need to know all about CMBS Special Servicers and how to meet them!

My friend, Michael Murray at MBA Newslink, published a story this morning with some startling numbers. According to the Mortgage Bankers Association (or MBA), $90.5 billion of CMBS debt comes due this year! And that is only part of the story.

Continue reading "Hotel Lawyer: Live, love and know your CMBS Special Servicer. Why no one may be more important for you to know all about right now -- in survival or "treasure hunting"" »

Posted In: Meet the Money®, Workouts, Bankruptcies & Receiverships

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Posted On: April 14, 2009 by the JMBM Global Hospitality Group®

Hotel receiverships, bankruptcies and restructurings for distressed hotels and hotel loans: Helping BORROWERS create value with distressed hotels to accomplish their objectives in the middle of The Great Recession of 2008

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
14 April 2009

Hotel Lawyer: Hotel borrower dilemma: the note is in default or coming due. Do you fight the land war in Asia or find a way to make love (not war)? This is the first article in a series of two about how lenders and borrowers need to work outside the box to accomplish their objectives in this down market. Today's article focuses on the borrower perspective, and the next one will be on the lender perspective. I encourage lenders to read this article, and borrowers to read the lender article. There is a win-win here for many players. We have some ideas you may never have considered before.

Continue reading "Hotel receiverships, bankruptcies and restructurings for distressed hotels and hotel loans: Helping BORROWERS create value with distressed hotels to accomplish their objectives in the middle of The Great Recession of 2008" »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: April 2, 2009 by the JMBM Global Hospitality Group®

Ask the Hotel Lawyer: Hotel bankruptcy trump card. Terminating hotel management agreements without liability -- the alchemy of lead to gold for troubled hotels and hotel loans?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
2 April 2009

How do you terminate a long-term hotel management agreement or HMA? The hotel bankruptcy trump card. This is an increasingly popular question regularly put to the hotel lawyers of JMBM's Global Hospitality Group®.

Continue reading "Ask the Hotel Lawyer: Hotel bankruptcy trump card. Terminating hotel management agreements without liability -- the alchemy of lead to gold for troubled hotels and hotel loans?" »

Posted In: Global Financial Crisis & Recovery, Hotel Management Agreements, Workouts, Bankruptcies & Receiverships

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Posted On: March 3, 2009 by the JMBM Global Hospitality Group®

Hotel bankruptcies, workouts and turnarounds: Hotel Lawyers on the TARP, the TALF, and the ugly. What does it mean to hotel owners and lenders?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
3 March 2009

Hotel Bankruptcy arrest by the TALF? Is there a turnaround for hotels here? Or do owners and lenders continue to fret?

Today was potentially a very important one as the US Financial Stimulus Program goes to work. The lending facility launched Tuesday, March 3, 2009 by the U. S. Department of the Treasury and the Federal Reserve is designed to generate up to $1 trillion in consumer and small business loans. This is a significant part of the TARP (the bailout bill or financial stimulus package also called the Troubled Asset Relief Program). This specific part is called the TALF standing for "Term Asset-Backed Securities Loan Facility" which is scheduled to start dispersing funds in about three weeks, making nonrecourse loans.

Here's what I think it means for the hotel industry. . .

Continue reading "Hotel bankruptcies, workouts and turnarounds: Hotel Lawyers on the TARP, the TALF, and the ugly. What does it mean to hotel owners and lenders?" »

Posted In: Global Financial Crisis & Recovery, Workouts, Bankruptcies & Receiverships

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Posted On: January 5, 2009 by the JMBM Global Hospitality Group®

The Best from the Blog -- Hotel Lawyers

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
5 January 2009

To say the least, the last year has been a very "interesting" one. Here are our picks for "The Best from HotelLawBlog.com" from 2008. There are some classic pieces here!

Continue reading "The Best from the Blog -- Hotel Lawyers" »

Posted In: ADA, Global Financial Crisis & Recovery, Green Hotels, Hotel Finance − Hotel Debt & Hotel Equity , Hotel Management Agreements, Hotel Mixed-Use, Labor & Employment, Meet the Money®, Timeshare, Workouts, Bankruptcies & Receiverships

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Posted On: January 5, 2009 by the JMBM Global Hospitality Group®

Hotel bankruptcy? Distressed hotel loan mortgage? Restructuring hotel debt? Troubled hotel asset? How about an Enhanced Note Sale™?

By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
5 January 2009

Restructuring distressed hotels . . . hotel debt . . . and workouts of troubled hotel loans for profit opportunities now. Hotel lawyers on hotel turnarounds, workouts, restructurings, bankruptcies and opportunistic investment.

JMBM's hotel bankruptcy lawyers and hotel workout teams are getting busy as the fallout from the global economic crisis hits the hospitality industry. In addition to traditional bankruptcy, workouts, turnarounds and receivership, we are finding a lot of interest in JMBM's SAVE™ Program, and expect a big roll out in 2009. You may want to check that out!

Otherwise, here is another useful tool for the SAVE™ Program tool chest of techniques to help Lenders, Borrowers, and Investors with distressed hotel loans and hotel assets. We call it the Enhanced Note Sale™.

Continue reading "Hotel bankruptcy? Distressed hotel loan mortgage? Restructuring hotel debt? Troubled hotel asset? How about an Enhanced Note Sale™?" »

Posted In: Workouts, Bankruptcies & Receiverships

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Posted On: December 22, 2008 by the JMBM Global Hospitality Group®

CONDO HOTEL bankruptcies, workouts and turnarounds fill the headlines, the nightmares of lenders and the dreams of opportunistic investors. Part 2

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

Hotel Lawyers on bankrupt condo hotel projects. The landscape is littered with condo hotel bankruptcies, foreclosures, workouts and investment opportunities. But as lenders hasten to clean up their balance sheets, and as opportunistic investors prepare to profit from buying at condo hotel foreclose or bankruptcy sales, or buying deep discount condo hotel debt or underlying assets, they should pause one moment. Unless they ask the right questions before they "jump" into the unknown, they may find themselves in a financially disastrous situation -- at any price.

From experience gathered by our Global Hospitality Group®'s team of hotel lawyers in more than 100 condo hotel and hotel condo projects in the last 5 years, here are the balance of the 100+ questions to ask BEFORE foreclosing on or buying condo hotel assets.

Continue reading "CONDO HOTEL bankruptcies, workouts and turnarounds fill the headlines, the nightmares of lenders and the dreams of opportunistic investors. Part 2" »

Posted In: Condo Hotels, Workouts, Bankruptcies & Receiverships

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Posted On: December 22, 2008 by the JMBM Global Hospitality Group®

CONDO HOTEL bankruptcies, workouts and turnarounds fill the headlines, the nightmares of lenders and the dreams of opportunistic investors. Part 1

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

Hotel Lawyers on bankrupt condo hotel projects. The landscape is littered with condo hotel bankruptcies, foreclosures, workouts and investment opportunities. But as lenders hasten to clean up their balance sheets, and as opportunistic investors prepare to profit from buying at condo hotel foreclose or bankruptcy sales, or buying deep discount condo hotel debt or underlying assets, they should pause one moment. Unless they ask the right questions before they "jump" into the unknown, they may find themselves in a financially disastrous situation -- at any price.

From experience gathered by our Global Hospitality Group®'s team of hotel lawyers in more than 100 condo hotel and hotel condo projects in the last 5 years, here are 100+ questions to ask BEFORE foreclosing on or buying condo hotel assets.

Continue reading "CONDO HOTEL bankruptcies, workouts and turnarounds fill the headlines, the nightmares of lenders and the dreams of opportunistic investors. Part 1" »

Posted In: Condo Hotels, Workouts, Bankruptcies & Receiverships

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Posted On: December 22, 2008 by the JMBM Global Hospitality Group®

Hotel Lawyers: Restructuring distressed condo hotels - Part 3

Restructuring distressed condominium hotel projects and
workouts of defaulted condo hotel loans for profit opportunities now.
Hotel lawyer on failed condo hotel turnarounds, workouts, bankruptcies and opportunistic investment.

Part 3

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

Hotel Lawyers on restructuring distressed condo hotels. Restructuring distressed condo hotel projects and loans secured by them is moving to the top of the list for many lenders, owners and investors. Condo hotel deals are so complex and varied that there is no single "silver bullet" to take care of all problems. Combining JMBM's legal and business experience in advising on more than 100 condo hotel and hotel condo deals with a veteran condo hotel expert, here is a 3-part article to explain: Part 1: the background and structure of the typical condo hotel, Part 2: critical differences between condo hotel restructurings and those with traditional hotels, and Part 3: a unique approach to working out some troubled condo hotel projects.

Continue reading "Hotel Lawyers: Restructuring distressed condo hotels - Part 3" »

Posted In: Condo Hotels, Workouts, Bankruptcies & Receiverships

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About the Authors

Jim Butler

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 1,000 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 1,000 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 1,000 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 1,000 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 1,000 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 1,000 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(r) -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 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(r) -- a team of 50 seasoned professionals with more than $60 billion of hotel transactional experience, involving more than 1,000 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 is Of Counsel at JMBM and is 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 1,000 properties located around the globe. Jim has served the hospitality industry for 40 years and specializes in lodging and hospitality law and in representing and advising trade associations and other non-profit entities. Jim 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.

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.