DALLAS—Aimbridge Hospitality recently announced continued portfolio growth and the expansion of its Aimbridge Receiver Services (ARS), which focuses on stabilizing hotels with distressed debt and recovering lost value due to the ongoing challenges in the hospitality industry.
Year to date, Aimbridge has added 128 properties to its portfolio and is on track to add another 120 properties in the next 120 days. Added properties include the Hilton Boston Downtown Faneuil Hall, The Murieta Inn and Spa in California, the Renaissance Charleston Historic District in South Carolina, the Hyatt House/Hyatt Place in Chicago, and the Courtyard Fort Lauderdale Beach in Florida.
In addition to growing its portfolio, Aimbridge Hospitality is expanding its Aimbridge Receiver Services (ARS), a new platform providing lenders and special servicers the expertise and assistance in navigating distressed assets. The platform is solely dedicated to hotel distressed assets, and Aimbridge has an ARS specialized team to handle all functions including, legal, operations, receivership, financial reporting, and franchise negotiations.
“We learned from previous financial downturns that working with lenders and special servicers is not a part-time effort. We created ARS with dedicated, seasoned veterans who have the experience of over 200 previous distressed assignments,” said Dave Johnson, CEO, Aimbridge Hospitality. “This capability allows us to leverage Aimbridge’s scale for the benefit of the financial community.”
The ARS team uses the company’s resources and data to quickly assess and execute strategies to stabilize and rapidly reposition hotels. The team assists lenders, servicers, and hotel owners with their non-performing hotel loans going through foreclosure, bankruptcy, workouts, and receivership. They offer court-appointed receivership services, the recommendation of immediate cost containment strategies, workout strategies, brand assessment and negotiation, and asset disposition assistance.