HotelMax completes Receivership and Sale of Sumter County Hotel for Central Bank

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HotelMax facilitates a quick repositioning and sale during the receivership to help minimize the bank's exposure on the distressed asset

HotelMax, Inc. has completed the receivership, management and sale of the Microtel Inn & Suites in Bushnell, Florida. Rand Hunt, Vice President for the HotelMax Hospitality Network, was appointed Receiver by the Sumter County Courts in November, 2010 on behalf of the Plaintiff, Central Bank, located at 20701 Bruce B. Downs Blvd, Tampa, FL. Mr. Hunt executed a management agreement with HotelMax Hospitality Network and concurrently listed the property for sale with HotelMax Realty, Inc.

Terry Hatfield, Chief Executive Officer of HotelMax, Inc., said the hotel was repositioned and placed under contract during January, 2011. The transaction was closed while in Receivership on February 25, 2011.

The new owner, Mr. Raj Patel, states that the hotel’s 2011 Year-To-Date occupancies exceed last year YTD by 25% and that HotelMax remains in a consulting capacity at the hotel.

HotelMax, Inc. and HotelMax Realty, Inc., focuses on the development, management and marketing of hotels, condo-hotels, resorts and resort communities along with timeshare and fractional units throughout the southeastern United States, Florida and the Caribbean.

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Rand Hunt

Terry Hatfield
HotelMax Hospitality Network
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