An essential part of any strategy to save a distressed business is minimizing outflow of cash. This is done by eliminating unnecessary expenditures, restructuring debts, and modifying the terms of the struggling business’ agreements with providers of essential goods and services. The COVID-19 crisis has been devastating to most hospitality businesses. Bob Lannan has writtenContinue Reading
Today I was privileged to present a webinar for the Asian American Hotel Owners Association on replacing lost cash inflow during the COVID-19 crisis. This is the first of two webinars on reorganization strategies to improve cash flow. I will present the second webinar, on minimizing cash outflow, on Thursday May 21 at 1:00Continue Reading
Cash flow is the lifeblood of a business. The COVID-19 crisis has constricted that lifeblood for most hospitality businesses, in many cases cutting it off entirely. In a series of two articles, Bob Lannan explores a two-part strategy for restoring some needed cash flow to a hospitality business, to improve its chances of surviving theContinue Reading
Bob Lannan was quoted in a Bloomberg Law article about the bankruptcy filing of the Ratner Companies and Creative Hairdressers, Inc. in Maryland on April 23, 2020. The companies are best known for their Hair Cuttery salons. While already undergoing a restructuring, they were greatly affected by the COVID-19 crisis and missed payroll for manyContinue Reading
I was privileged to present a webinar for the Asian American Hotel Owners Association (AAHOA) yesterday on contracting with government agencies for use of hotels during the COVID-19 crisis. Here is a copy of the PowerPoint deck I used. Bob Lannan
As hotels shut down across the United States and the nation continues to respond to the COVID-19 crisis, some hotel owners and operators are making otherwise empty hotels available to government agencies for use in the fight against the outbreak. The City of New York is reportedly “putting healthcare workers in hundreds of hotel roomsContinue Reading
Hotel News Now has published a version of an article by Bob Lannan on cash control in hotel management agreements, which was posted on this website last September. Here is link to the article in Hotel News Now.
Lannan Legal PLLC is pleased to announce, that effective January 1, 2020, Bruce E. Parmley has joined the firm as Senior Counsel. Bruce is widely recognized as one of the leading go-to practitioners representing owners of, and investors in, substantial real estate projects. Bruce’s practice, including his 30+ years as a partner with Hogan Lovells,Continue Reading
Negotiating Control of Operating Accounts and Working Capital in Hotel Management Agreements by Bob Lannan A frequent point of contention between owners of real estate assets and management companies that operate them is control over operating accounts and working capital. These disputes arise in negotiation of contracts for management of hospitality assets (e.g. hotels, spasContinue Reading
“What do we say to the God of the Hotel Business Cycle?” If you’re a Game of Thrones fan, you’re familiar with the question, “What do we say to the God of Death?” For the uninitiated, the response is, “Not today.” I am confident that an estate planning attorney would have a more thorough response.Continue Reading
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