Williamsburg hotel goes into receivership
- June 10, 2010
The Circuit Court of York County has appointed Denton Hospitality Consulting in Virginia Beach as receiver for a nationally franchised hotel in Williamsburg facing financial challenges.
The Virginia Beach-based firm noted in a statement that it has handled several similar cases this year as a growing number of lenders take action on defaulted hotel notes.
As receiver, Denton will manage the hotel’s day-to-day operations and provide recommendations on improving revenues. Generally, after a receiver has control of the assets, the lender will initiate the foreclosure process or the receiver is authorized by the court to sell the asset. “There are a growing number of hotels in default on loan agreements across the country,” said Tim Stiffler, president of Denton Hospitality’s parent company, Afton Hospitality Management, also located in Virginia Beach.
Denton did not disclose the name of the property, but said it is a select service hotel located in the heart of Williamsburg and within walking distance to the Williamsburg Pottery and the area’s outlet malls.