Receiver named to handle Williamsburg hotel

Posted to: Business Williamsburg - James City
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By Christopher Dinsmore
The Virginian-Pilot
© June 21, 2010

Denton Hospitality has been appointed by the Circuit Court of York County as receiver for the Travelodge Williamsburg Central at 2225 Richmond Road.

The Virginia Beach-based hospitality consulting company will assume control of and operate the financially troubled hotel even as it assesses the struggling property for needed improvements.

"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.

Denton Hospitality has handled several hotel receiverships this year.

Now that the receiver controls the hotel, the lender probably will foreclose, sell the note or authorize Denton Hospitality to try to sell the property.

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Commercial paper

Submitted by Daoine on Mon, 06/21/2010 at 12:32 pm.

CNBC was reporting today that commercial paper although set to get 'a little worse' excaped the problems associated with the downturn because they saw it coming and got funding before they realized many of the defaults that were coming.

What??? That's like me asking my bank for a $50,000. loan because I forsaw problems in the next few months associated with revenue.
Cramer never ceases to amaze.