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P3 also operates hotels for third party investors and lenders, and is actively pursuing additional acquisitions and management contracts. P3's Hospitality Division is also involved with lenders in preparing workout evaluations and acting in the capacity of receiver.
Over the past several years, we have worked for receivers for hotel properties and has performed hotel management, workouts, and evaluated hotel properties for financial institutions. Additional responsibilities have included negotiating franchise agreements and assisting lenders in the sale of hotels.
Pre-takeover Analysis
P3 is sensitive to lenders' and servicers' liability concerns and knows what needs to be achieved in negotiated handovers, foreclosures, bankruptcy proceedings and deeds-in-lieu of foreclosure.
Receiver
P3 can serve as or assist a receiver and has extensive experience serving in this capacity.
Takeover Plan
P3's qualified takeover team can be on-site at the location within 24 hours of receiving the assignment. An extensive step-by-step takeover plan is then prepared, conveying P3's program for acquiring and preserving the asset.
Required Documents
P3 will provide a comprehensive list of documents required to effectively operate the property. Such documents include franchise agreements, permits, leases, licenses and inspection reports - and if necessary, P3 can assist in obtaining those documents.
Takeover Process
Our takeover process is implemented with the least possible disruption to daily operations. P3 will make certain that the property is in compliance with all governmental regulations that may give rise to possible liability - especially life safety - and will secure all assets.
Franchisor Negotiations
P3 will work with the franchisor to ensure that any required repairs are completed in a timely manner. P3 will also negotiate settlement of any outstanding issues with the franchisor.
Prompt Reporting
Within two weeks of a takeover, a written property status report will be provided by P3, in addition to financial reports and a long term strategy analysis for the property.
Capital Repair Management
Life safety will be addressed first, followed by an assessment of repairs needed to meet the minimum Franchise requirements will be made. Once approved, all repairs will be completed in a timely manner with all work directed to the goal of improving sales.
Accounting Services
P3 can coordinate centralized accounting offsite, which is more economical and allows for better security and control. Special Servicers can obtain the property's financial statements online, as well as other information required by the client.
Property Management
P3 can assemble a driven, qualified team to oversee the property, evaluate the product, develop a plan for better profitability, and assess market potential.
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