Hotel Brokerage Hampton Inn Texas - Hotel Consulting Receivership
Scope of Work:
Property Sale and Receivership Case – Real estate brokerage and receivership for the Hampton Inn, Richardson, TX
Description of Project:
Joel Hiser a Hotel Broker of HTL Hospitality Advisors was appointed by the District Court of Dallas County as receiver for the estate (Case No. – 10-02351). The receivership order also directed that the hotel be sold with court approval. The 128 room, focused service, hotel was managed by HTL Hospitality Advisors while under receivership. In the two and one half years while under management, the property’s annual revenues increased almost 40% and the profit margin improved substantially. Mr. Hiser negotiated retention of the Hampton franchise until the property was sold and converted into a Wingate Inn. Joel Hiser represented the receivership estate in the sale of the property to Sundip Kumar at a price of $4,250,000. The sale price equated to approximately two times the annual revenue.