NEW YORK — Highgate, a global real estate investment and hospitality management company, announced its receivership and loan resolution capabilities with the formation of a dedicated team that brings decades of expertise as court-appointed receivers and operators for hotels with distressed assets requiring lender involvement. The platform will be led by industry veterans Richard Millard and Joseph Klam.
“Our team brings unparalleled experience to complex assets across all hospitality verticals and unique market situations, providing thorough counsel and execution throughout the process,” said Richard Millard, managing director at Highgate. “In every stage of the asset lifecycle, we are a trusted partner to lenders, owners, and other interested parties in recovering lost value and stabilizing properties.”
Highgate, through its affiliates, has developed a workout process that supports the asset as a result of having been both the receiver and operator for numerous banks, special services agencies, lenders, and federal agencies.
Using exclusive resources and data, Highgate will recommend cost-saving strategies and additional revenue sources for underperforming hotels. A dedicated team—including accounting, payroll, insurance, compliance, engineering, human resources, and sales and marketing—will work with local teams to manage, preserve, and maximize property value.
In addition to Highgate’s proprietary revenue management technology and distribution services, its global buying power and centralized purchasing system are designed to help secure best-in-class pricing on products and services, while its institutional accounting platform is designed to navigate complex finances and legal compliance.
With a large national presence across all asset segments, Highgate is positioning itself to quickly facilitate operating agreements and transition control for hospitality assets seeking immediate relief.