Skip to content
  • (800) 580-3950
  • Request a Consultation
Top Menu
Perry GroupPerry Group
Perry Group
Hotel & Restaurant Experts For The Hospitality Industry
  • Home
  • About
    • Bios
    • Contact
  • Services
    • Hospitality Management
    • Hotel Restaurant Nightclub Consulting
    • Hospitality Dispute Solutions
  • Clients
  • Media
    • Articles
    • Presentations
    • Press
  • Investors
  • Blog
 
  • Home
  • About
    • Bios
    • Contact
  • Services
    • Hospitality Management
    • Hotel Restaurant Nightclub Consulting
    • Hospitality Dispute Solutions
  • Clients
  • Media
    • Articles
    • Presentations
    • Press
  • Investors
  • Blog

What Are Your Alternatives to Bankruptcy in the Hospitality Industry?

April 21, 2015Experts in Hotels and Restaurants BlogBy G4Developer

Some of the hotel industry is struggling right now. Whether the source is increased costs or lower revenue due to higher vacancies than expected, you may be thinking about filing for bankruptcy. Before you do this, though, you might do well to consider some alternatives to bankruptcy. Your property could recover without filing if you manage the situation carefully. Hotel Receivership or Interim Management One possibility is to seek outside help. A court-appointed receiver or interim manager might be able to make some of the tough choices on costs that someone closer to the hotel’s past would have trouble making. When your property is in financial distress, it might be simply a matter of fixing the balance of revenue and expenditure. Someone focused on protecting the value of the hotel, without attachment to the status quo, can often identify ways to make the revenue you create go further. In addition, a receiver or interim manager might provide some creative ideas to build your revenue. When you have operated successfully for an extended period of time, it can be difficult to operate differently when a more challenging time arises. By bringing in someone to focus on current difficulties, you can avoid some resistance to change. Work with Your Lenders In addition, you may find another of your alternatives to bankruptcy is to work with your lenders. You can often restructure some of your debt to make it more manageable in the short term. Some lenders may resist, so you should be prepared to make a good case for yourself. If you have a long relationship with a lender, they may prefer to work with you over dropping an account; but you should be able to argue not only for the importance of refinancing, but also that you have a good business case for being able to improve your position soon. Don’t Give Up If you are willing to work, alternatives to bankruptcy can help you move past current financial problems. Whether you bring outside help or work with your lenders, looking at all your options before you file makes sense.

BankruptcyHospitality industry
Share this post
FacebookTwitterGoogle+PinterestLinkedIn
About the author

G4Developer

Related posts
nightclub security expert
Tips from a Nightclub Security Expert on Bar Patron Safety
December 15, 2019
interim hotel manager
When You Should Use an Interim Hotel Manager
November 15, 2019
hotel interim manager
Why a Hotel Interim Manager Does Not Always Make Sense
October 15, 2019
hotel security expert
Hotel Security Expert Tips to Manage Security for Female Travelers
September 15, 2019
restaurant turnaround consultant
Choosing a Court-Appointed Receiver or Restaurant Turnaround Consultant
August 15, 2019
shutterstock_785814277
Case Studies in Using a Restaurant Receiver for Resolving Disputes
July 15, 2019
Recent News
  • nightclub security expert
    Tips from a Nightclub Security Expert on Bar Patron Safety
    December 15, 2019
  • interim hotel manager
    When You Should Use an Interim Hotel Manager
    November 15, 2019
  • hotel interim manager
    Why a Hotel Interim Manager Does Not Always Make Sense
    October 15, 2019
  • hotel security expert
    Hotel Security Expert Tips to Manage Security for Female Travelers
    September 15, 2019
  • restaurant turnaround consultant
    Choosing a Court-Appointed Receiver or Restaurant Turnaround Consultant
    August 15, 2019
  • shutterstock_785814277
    Case Studies in Using a Restaurant Receiver for Resolving Disputes
    July 15, 2019
Archives
About Us
Perry Group International is a consortium of hospitality management services and seasoned hospitality consultants with significant operations, marketing and financial experience. Our clients include both nationwide and international assignments.
Recent News
  • Tips from a Nightclub Security Expert on Bar Patron Safety
    December 15, 2019
  • When You Should Use an Interim Hotel Manager
    November 15, 2019
Press
With Industry in "Free Fall," How do Restaurants Survive the Winter?
Perry Group Forms Alliance to Provide One-Stop-Shop for Hotel Receiverships
Food&Wine - Restaurant Burglaries Are on the Rise Despite an Overall Drop in Crime
Restaurant Business - On Top of Everything, Restaurants Are Becoming Burglary Targets
San Francisco Business Times - Dine-In Restaurants Pivot Amid Pandemic to Takeout, Delivery - Even Retail
Indiana Minority Business Magazine - Keeping a locally owned restaurant alive — and thriving
Small Business Trends - The A-Z of Writing a Restaurant Business Plan
Today's Hotelier - Connecting with Young and Old
Follow Me
Tweets by HotelRestExpert
Follow Us

Request a Consultation

(800) 580-3950

dpg@perrygroup.com

San Francisco

201 Mission Street, Suite 1200
San Francisco, CA 94105
(415) 434-0135

Los Angeles

445 S. Figueroa Street, Suite 3100
Los Angeles, CA 90071
(213) 266-7691

San Diego

3111 Camino Del Rio North, Suite 400
San Diego, CA 92108
(619) 296-4278

© 2021 All rights reserved. Design by G4 Design House.
Disclaimer