NGA Role
• Sumner Saeks, of New Growth Advisors, was appointed receiver in Hamilton County Common Pleas Court to maintain and sell the property formerly operated as Quality Inn Norwood.
Problem
• The hotel closed in June of 2014 amid litigation in State, Probate and Federal Courts.
• For sixteen months prior to appointment, together with real estate and management professionals, parties involved worked to secure a buyer and execute a sale.
NGA Solution
• After a brief marketing period, Sumner Saeks in conjunction with real estate professional Cameron Segal, closed the real estate sale less than three months after appointment.
Outcome
• The hotel was sold to a firm with plans to renovate and operate the facility which helped to terminate the tangle of litigation.
