This property is out of our normal territory, but one of the lenders called us in to help get it sold. The property had been previously foreclosed on and was operated by a receiver. The Hawthorne franchise had been terminated and the property was not only off the Wyndham system but all of the OTAs. Income had decreased significantly. The Quality Inn Oakdale is a 70 unit full-service hotel which was previously a Ramada Inn franchise.
The property was unable to meet its debt srvice due to the decline in the lodging market. We found an interested buyer and negotiated a favorable deal with the owner and the bank. The Concord Inn and Suites is a 42 unit interior corridor hotel which was previously a Comfort Inn franchise. The property lost its Choice flag and experienced a drastic decline in revenue since it last sold in 2007.
We listed the property and found a buyer to purchase the property with the plan of converting it to a budget extended stay property unter the "Studio 6" brand by Accor.
The property was unable to meet its debt srvice due to the decline in the lodging market. We found an interested buyer and negotiated a favorable deal with the owner and the bank. The Concord Inn and Suites is a 42 unit interior corridor hotel which was previously a Comfort Inn franchise. The property lost its Choice flag and experienced a drastic decline in revenue since it last sold in 2007.
We listed the property and found a buyer to purchase the property with the plan of converting it to a budget extended stay property unter the "Studio 6" brand by Accor.
Services
Howard began his real estate career in residential sales and then branched out to buying and selling repossessed houses and apartments.
He bought and sold over 150 properties on his own, giving him invaluable experience in title, legal and escrow work.
This background has contributed to his success in putting together real estate deals today.
Since 1972 Howard has owned operated or managed over 40 motels and hotels ranging in size from a 22 unit motel in North Lake Tahoe to a 310 unit full-service Ramada Inn in Salt Lake City.
He bought and sold over 150 properties on his own, giving him invaluable experience in title, legal and escrow work.
This background has contributed to his success in putting together real estate deals today.
Since 1972 Howard has owned operated or managed over 40 motels and hotels ranging in size from a 22 unit motel in North Lake Tahoe to a 310 unit full-service Ramada Inn in Salt Lake City.
Most of us in the lodging business today have seen hotels, motels and B&Bs default on their mortgages due to the decline in their gross room income.
About 90% of those properties going into default have an SBA loan, either an SBA 7a loan or a 504 loan.
What makes the situation worse for these owners is that they do not know how to handle the problems with the SBA lenders.
The most important thing for the owners to keep in mind is that the SBA is there to help them.
Even if you think you do not currently have any equity in your property, the SBA has many workout programs that may allow partial deferral of your payments for one year which will allow time for the market to adjust.
About 90% of those properties going into default have an SBA loan, either an SBA 7a loan or a 504 loan.
What makes the situation worse for these owners is that they do not know how to handle the problems with the SBA lenders.
The most important thing for the owners to keep in mind is that the SBA is there to help them.
Even if you think you do not currently have any equity in your property, the SBA has many workout programs that may allow partial deferral of your payments for one year which will allow time for the market to adjust.
This property is out of our normal territory, but one of the lenders called us in to help get it sold.
The property had been previously foreclosed on and was operated by a receiver.
The Hawthorne franchise had been terminated and the property was not only off the Wyndham system but all of the OTAs.
Income had decreased significantly.
We worked with Wyndham and were able to get the franchise back.
The relationship with the OTAs was restored and income increased by 40%.
With the gross room income increasing we were able to get a satisfactory price to the seller/lender and close the transaction.
The property had been previously foreclosed on and was operated by a receiver.
The Hawthorne franchise had been terminated and the property was not only off the Wyndham system but all of the OTAs.
Income had decreased significantly.
We worked with Wyndham and were able to get the franchise back.
The relationship with the OTAs was restored and income increased by 40%.
With the gross room income increasing we were able to get a satisfactory price to the seller/lender and close the transaction.
I have worked with Howard Mathews for over 20 years and I have both purchased and sold a motel with him.
He is one of the most knowledgeable, honest and hardest working people I know.
Howard is extremely knowledgeable in the lodging business and knows the SBA loan program.
He is a pleasure to work with and has been a tremendous help in putting the loans together.
Please call any of these people and ask them any questions about Howard.
Wayne Levenfeld - (415) 802-1644.
Howard has known Wayne for over 20 years and has done 5 transactions with him.
He is one of the most knowledgeable, honest and hardest working people I know.
Howard is extremely knowledgeable in the lodging business and knows the SBA loan program.
He is a pleasure to work with and has been a tremendous help in putting the loans together.
Please call any of these people and ask them any questions about Howard.
Wayne Levenfeld - (415) 802-1644.
Howard has known Wayne for over 20 years and has done 5 transactions with him.
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