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.
Project Description
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.
Scope of Work
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.
Project Resolution
The Receiver was discharged.
Project Name
RadLAX
Client
Superior Court of the State of California, Los Angeles County
Location
Los Angeles, CA
