Located within walking distance of the Los Angeles International Airport, the LAX Radisson is a 580 room hotel that features 42,000 square feet of event space, including 33 meeting rooms and a ballroom capable of accommodating 1,500 guests. The property also had an unfinished 2,700 space parking structure that was approximately 85 percent complete.
Acting as agent for Receiver, Douglas Wilson Companies (DWC) was tasked with overseeing hotel operations and preserving the value of the asset. Prior to the receivership appointment, the property was the subject of a landmark, unanimous Supreme Court Decision which affirmed the lender’s right to credit bid in a bankruptcy sale.
DWC’s primary responsibilities included replacing the management company and overseeing the management transition in order to stabilize hotel operations; directing the management company’s operations in order to maximize profit; coordinating successful property tax appeals, resulting in significant tax savings; and investigating issues related to the completion of the 2,700 space parking structure.
The Receiver was discharged.
Superior Court of the State of California, Los Angeles County
Los Angeles, CA
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
1620 Fifth Avenue
San Diego, California 92101