DENVER Six Hats, a hospitality company that specializes in managing underperforming properties for owners and lenders, has been selected as the manager of nine limited-service hotels located in Colorado, Missouri, Kansas, Texas and New Mexico. The properties have all recently been taken over by lenders.
Six Hats has seen an increase in foreclosure proceedings over the last eight months. The typical type of property that is experiencing problems is a 25-30 year old hotel that now finds itself in a market with four or five new competitors. Many of these properties will have mechanical or structural issues that the borrower has been unable or unwilling to resolve. Six Hats focuses on all areas necessary to achieve the owners objectives including receiverships, operations, marketing, finance and disposition/acquisition activities. (1/19/01)