Washington, D.C. - June 5, 2009: Holland & Knight's Global Hospitality, Resort and Timeshare Group and HVS co-hosted the first of six scheduled nationwide roundtables on Creative Approaches to Workouts in the Hospitality Industry in Holland & Knight's Washington, D.C. office on Tuesday, May 12, 2009.
The interactive program began with presentations of the current challenges facing hotels and resorts with speakers from Holland & Knight's Global Hospitality, Resort & Timeshare Group and HVS Hospitality Services. Speakers included Joseph Guay, partner in Holland & Knight's New York office; Nina R. Eldred, senior counsel in Holland & Knight's D.C. office; Richard Lear, partner in Holland & Knight's Bankruptcy and Creditors Rights Team in D.C.; and HVS executive Vicki Richman, Chief Financial Officer, who provide Asset Management Services to the hotel industry.
Attendees included senior executives of hotel brands, lenders, brokers, and owners. Each contributed different and valuable perspectives to the discussions.
Utilizing case studies prepared for the program, attendees organized into small teams had the opportunity to share ideas and solutions with the presenters to solve the problems and dilemmas that they must deal with on a daily basis. Matters addressed included:
- Warning signs and steps that can be taken early on to preclude or minimize problems
- Aligning divergent and common interests among the stakeholders to conclude a successful workout
- Current trends in valuations, how asset values have been impacted during this downturn and when values are expected to recover
- How various stakeholders can effectively use advisors in a workout or foreclosure
- Potential creative solutions for underperforming hotel assets in the current economic environment
- The unique array of issues faced in the workout of a mixed-use project
Upcoming lunch roundtables are all scheduled in Holland & Knight's offices at the following upcoming locations and dates:
New York | June 17, 2009
Miami | June 24, 2009
San Francisco | October 14, 2009
Los Angeles | October 15, 2009
A limited number of attendee seats remain available.
About HVS Hospitality Services: HVS is a global consulting and services organization focused on hotel, restaurant, shared ownership, gaming and leisure industries. Our clients rely on our specialized industry knowledge and expertise for advice and services geared to enhance economic returns and asset value. Through a network of more than 25 offices worldwide staffed by more than 300 seasoned industry professionals, HVS offers a wide scope of services that provide advice along the entire development/ownership process. www.HVSAssetManagement.com
About Holland & Knight's Global Hospitality, Resort and Timeshare Group: Holland & Knight’s Global Hospitality, Resort and Timeshare Group brings to our clients’ legal matters more than 25 years of practical experience and industry savvy, combining legal talent with an in-depth knowledge and appreciation of the business and operations of hotels and resorts. Our lawyers have advised developers, lenders, owners, brand, hotel companies, homeowners’ associations, marketing, management and exchange companies that range in size from small private entrepreneurial ventures to Fortune 500 enterprises with projects located around the world. www.HKlaw.com
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