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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

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