Business Capital announced it has been appointed by the U.S. Bankruptcy Court as a financial advisor. The company said the client was the franchisee of a leading national and international hotel chain.
This property is located in downtown Memphis, in a fully renovated building that is part of the National Historic Registry. The property was facing foreclosure as a result of the drop in the tourism and travel industry caused by the economic downturn. The hotel was the subject of an auction sale in order to satisfy the claim of the secured lender.
Business Capital said it was approved by the court as the financial advisor to, among other things, oversee and facilitate the sale of the hotel in Chapter 11. Because of its experience and understanding in the bankruptcy process and relationships with a wide network of lenders and investors, the firm was able to introduce the right bidders and ultimately get the bankruptcy estate the highest and best price of $7.2 million for the property.
To see the transaction details, click here.