Douglas Wilson Companies' Fall 2012 Newsletter
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Las Vegas<br />
San Diego<br />
San Francisco<br />
Washington, DC<br />
SPECIALIZED<br />
SERVICES<br />
Receiverships<br />
Trustee<br />
Brokerage & Disposition<br />
Referee<br />
Forensic Accounting<br />
Due Diligence<br />
Court Appointed Fiduciary<br />
Special Master<br />
Asset Repositioning<br />
Asset/Property Management<br />
Resort/Hotel Management<br />
Golf Course Management<br />
Liquidating Trustee<br />
Bankruptcy Examiner<br />
Expert Testimony<br />
Highest and Best Use Analysis<br />
Mediation<br />
Development Services<br />
Land Entitlements<br />
DOUGLAS WILSON APPOINTED<br />
RECEIVER ON LAX RADISSON<br />
<strong>Douglas</strong> <strong>Wilson</strong> has recently been appointed<br />
as the Receiver of the LAX Radisson; the<br />
latest in a series of high profi le assignments.<br />
The property is now commonly known as<br />
RadLAX following its recent landmark<br />
United States Supreme Court case – RadLAX<br />
Gateway Hotel, LLC v. Amalgamated Bank,<br />
No. 11-166.<br />
RadLAX fi led for bankruptcy in August<br />
2009 and submitted a proposed procedure<br />
for conducting asset sales that prohibited<br />
the secured lender’s ability to credit<br />
bid. Amalgamated Bank challenged the<br />
procedure, seeking the right to compete with<br />
cash bidders at the time of auction using the<br />
full amount of its claim. Ultimately, in a<br />
decision delivered by Justice Antonin Scalia,<br />
the Supreme Court sided with Amalgamated<br />
Bank and reinforced a secured lender’s right<br />
to credit bid.<br />
FALL <strong>2012</strong><br />
NEWSLETTER<br />
Located within walking distance of the Los<br />
Angeles International Airport, the LAX<br />
Radisson is a 580-room hotel that features<br />
42,000 square feet of event space, including<br />
33 meeting rooms and a ballroom capable of<br />
accommodating 1,500 guests. The property<br />
also has an unfi nished 2,700-space parking<br />
structure that is approximately 85 percent<br />
complete.<br />
DWC’S BROKERAGE DIVISION<br />
ANNOUNCES MAJOR SALE<br />
Chicago O’Hare Hotel<br />
LAX Radisson<br />
-CONTINUED INSIDE<br />
<strong>Douglas</strong> <strong>Wilson</strong> Companies’ veteran brokerage team recently<br />
sold a 466-room hotel – formerly a Wyndam property that<br />
has been closed since 2010 – to Hotel Mannheim Chicago,<br />
LLC. The 12-story property is located approximately 1.5<br />
miles from Chicago’s O’Hare International Airport and<br />
features indoor and outdoor pools, fi tness center, restaurants<br />
and lounge, and a business center. In addition, the property<br />
has over 31,000 square feet of meeting space.<br />
In order to sell the property, DWC launched an extensive<br />
international marketing campaign that reached over 20,000<br />
potential buyers and generated multiple competitive offers. As a result of the buyer competition,<br />
the fi nal offer signifi cantly exceeded price expectations. The Brokerage Division, led by Alan<br />
Scott, Tom Olson and Tigg Mitchell, represented the seller, U.S. Bank.<br />
DWC’s brokerage team is currently working on a diverse range of transactions. Visit DWC<br />
online to view the full list of properties presently available.<br />
Problem Resolution & Fiduciary Services | Real Estate & Construction Services | Brokerage Services
FALL <strong>2012</strong><br />
NEWSLETTER<br />
“You need<br />
a seasoned<br />
team who can<br />
investigate a<br />
wide range<br />
of issues -<br />
insurance,<br />
entitlements,<br />
etc. - and<br />
work<br />
proactively to<br />
fi nd solutions.”<br />
-<strong>Douglas</strong><br />
<strong>Wilson</strong><br />
DWC STRENGTHENS ITS ASSET MANAGEMENT DIVISION<br />
DWC is pleased to announce that veteran real estate executive Thomas K.<br />
Wright recently joined the company’s San Diego offi ce. Wright will manage a<br />
growing portfolio of commercial real estate including the very active 1620 5th<br />
Avenue – a 9-story, 80,320 square foot offi ce building located in Downtown<br />
San Diego.<br />
<strong>Douglas</strong> <strong>Wilson</strong>, Founder and Chief Executive Offi cer of DWC, stated that<br />
adding Wright to the team is part of the company’s long-term strategy for<br />
growth. “With the economy showing signs of recovery and the real estate<br />
market beginning to stabilize, we feel that now is the time to expand our asset<br />
and property management capabilities so that we are positioned for continued success,” said<br />
<strong>Wilson</strong>, whose company has managed a portfolio of over 26.5 million square feet of commercial<br />
space throughout the United States. “We are extremely pleased to have a senior-level professional,<br />
and true industry leader like Tom join our team. His leadership and experience will undoubtedly<br />
be a tremendous asset to our clients and DWC.”<br />
Phil Brumley<br />
POISED FOR GROWTH,<br />
DWC EXPANDS ITS TEAM<br />
DWC SOLIDIFIES ITS POSITION AS THE LEADER IN<br />
AGRICULTURAL INDUSTRY RECEIVERSHIPS<br />
Joining DWC as managing director of the agricultural division, Phil Brumley<br />
brings over 30 years of experience in agricultural lending, appraisal, farming,<br />
and consulting. Brumley is an expert on various forms of production<br />
agriculture including fruit and nut crops, dairies, beef cattle, row crops and<br />
fi eld crops – as well as processing facilities.<br />
According to <strong>Douglas</strong> <strong>Wilson</strong>, the addition of Brumley “solidifi es DWC’s<br />
position as the leader in agricultural receiverships.” DWC’s vast experience<br />
in agricultural receiverships has included a coconut tree plantation in Oahu,<br />
HI; a tomato farm in Oceanside, CA; an almond orchard in Merced, CA; avocado groves<br />
and lemon groves in Valley Center, CA and a citrus grove in Visalia, CA.<br />
LAX RADISSON CONTINUED...<br />
Tom Wright<br />
Immediately after taking over as Receiver, DWC engaged Prism Hotels & Resorts as the<br />
management company to stabilize hotel operations. Moving forward, DWC will be developing<br />
a detailed business and disposition plan that will include an analysis of the timeline and cost of<br />
fi nishing the 2,700-space parking structure.<br />
<strong>Douglas</strong> <strong>Wilson</strong>, whose fi rm has provided operational oversight for numerous hotels and<br />
resorts in receivership throughout the United States, highlighted the complexity of the process.<br />
“With a hotel or resort, you have to look at all aspects of the property and business operations<br />
concurrently,” stated <strong>Wilson</strong>. “You need a seasoned team who can investigate a wide range of<br />
issues – insurance, liens, entitlements, etc. – and work proactively to fi nd solutions.”
LARGE LUMBER COMPANY AMONG<br />
OPERATING BUSINESS RECEIVERSHIPS<br />
<strong>Douglas</strong> <strong>Wilson</strong> has been appointed Receiver to oversee the liquidation of J.E. Higgins<br />
Lumber Company, a large regional lumber company that supplies various construction<br />
related hardwood, fl ooring, window and door framing products. At its peak, the 125-year-old<br />
company had revenues exceeding $300 million, with well over a dozen locations and 600<br />
employees.<br />
As agent for the Receiver, DWC provided an in-depth review of the company’s fi nancial<br />
position, which had already begun an orderly consolidation and wind down. Following its<br />
initial review, DWC formulated a strategic liquidation plan, and has obtained court approval<br />
to liquidate the company’s assets in order to maximize the recovery of proceeds. DWC’s<br />
responsibilities include: overseeing the collection of accounts receivable, selling various real<br />
estate assets, directing the orderly liquidation of inventory, equipment and machinery.<br />
As the nation’s preeminent workout and problem resolution fi rm, DWC remains busy with<br />
a variety of assignments as lenders and special servicers continue to rely on receivers for<br />
real estate sales and business liquidations to maximize loan recovery. Recent assignments<br />
include a diverse range of non-performing operating business and C&I loans in the following<br />
industries: agricultural, high tech, medical, construction, and distribution.<br />
DWC TO LEAD THE SPONSORSHIP EFFORT<br />
FOR ULI’S 2013 SPRING MEETING<br />
<strong>Douglas</strong> <strong>Wilson</strong> is chairing the Sponsorship Committee<br />
for the Urban Land Institute’s 2013 Spring Meeting,<br />
taking place on May 15-17 at the Hilton San Diego<br />
Bayfront. With the theme, “Innovate: Real Estate,” the<br />
event will focus on the creative use of real estate and urban development as a driver of<br />
economic prosperity and a high quality of life.<br />
The Spring Meeting – one of two major meetings held each year in the U.S. by the Urban<br />
Land Institute (ULI) – is expected to draw over 3,500 attendees including leaders from the<br />
real estate and land use industry, investment fi rms, and fi nancial institutions. Examples of<br />
innovative industry practices will be discussed throughout the event, which will feature<br />
presentations from nationally renowned leaders in real estate, land use and other aspects of<br />
city building.<br />
As chair of the Sponsorship Committee, <strong>Wilson</strong> takes on a crucial leadership role in the ULI<br />
Host Committee, which is charged with maximizing the visibility of the San Diego real estate<br />
market to meeting attendees. <strong>Wilson</strong> expressed enthusiasm about San Diego hosting one of<br />
the real estate industry’s premier events, and stressed its importance for the region.<br />
“The ULI Spring Meeting is unique in its ability to bring together forward-thinking<br />
professionals from every sector of the real estate industry and the broader business community,”<br />
<strong>Wilson</strong> said. “With increasing signs of an economic recovery, it provides a timely opportunity<br />
to showcase the diverse investment opportunities in the region.”<br />
Las Vegas<br />
330 E Warm Springs Road<br />
Suite B43<br />
Las Vegas, NV 89119<br />
San Diego<br />
450 B Street<br />
Suite 1900<br />
San Diego, CA 92101<br />
San Francisco<br />
50 California Street<br />
Suite 1500<br />
San Francisco, CA 94111<br />
Washington, DC<br />
1200 G Street NW<br />
Suite 800<br />
Washington, DC 20005<br />
For More Information:<br />
Scott Thorn<br />
Managing Director<br />
sthorn@douglaswilson.com
<strong>Douglas</strong> <strong>Wilson</strong><br />
Chairman & CEO<br />
dwilson@douglaswilson.com<br />
First Class PreSort<br />
U.S. Postage<br />
Paid<br />
Permit 751<br />
San Diego CA<br />
NEWSLETTER<br />
Dear Friends,<br />
As evidenced by the various articles in this<br />
newsletter, <strong>Douglas</strong> <strong>Wilson</strong> Companies is working<br />
hard to be well positioned to be prosperous as the<br />
economy gradually improves. We believe that<br />
workouts will continue, particularly with C&I<br />
loans and unique market sectors like agricultural<br />
credits. The volume of the problems will,<br />
however, continue to subside as balance sheet<br />
lenders have cleaned up many of their issues and<br />
are cutting back their SAG platforms.<br />
Looking ahead, I am proud to be chairing the<br />
Sponsorship Committee of the 2013 ULI Spring<br />
Meeting, which will be held next May in San<br />
Diego. This event affords us the unique chance<br />
to showcase the entire region for the years ahead<br />
and the diverse investment opportunities that<br />
are available to support our increasingly diverse<br />
economic base.<br />
Our goal is to be well positioned to be an active<br />
participant as real estate recovers, but never to<br />
give up our core focus on supporting fi nancial<br />
institutions and others with maximizing asset<br />
recovery when problems do arise. We deeply<br />
appreciate all of the support of our valued clients<br />
over the past 23 years and look forward to<br />
working together in the future.<br />
Sincerely,<br />
<strong>Douglas</strong> P. <strong>Wilson</strong><br />
INSIDE<br />
LAX Radisson<br />
Chicago Hotel Sale<br />
Management Division Growth<br />
Operating Business Receiverships<br />
www.douglaswilson.com<br />
619.641.1141<br />
450 B Street, Suite 1900<br />
San Diego, California 92101