Bank Workout Experience

• Plainfield Holiday Inn Express November, 2007 to December, 2008
  Hired by lender to manage Operations of 66 room hotel for 6 months for a new owner. Ownership continued contract for an additional 6 months while property was successfully refinanced.
  
  

  
  

• Mystic Days Inn Hotel July, 2012 to December, 2013
  Lender hired Antico Management as “Receiver of Rents” while ownership group maintained legal ownership and all liability. According to plan, hotel was foreclosed upon. Subsequently, Antico Management ran the hotel for the lender for over a year and bank was able to sell the property for above market value after a reposition and makeover using only current cash flow. Antico Management increased revenue over $400,000 from previous year.
  
  

  
  

• Holiday Inn New London June, 2013 to February, 2014
  Lender hired Antico Management as an independent consultant during a workout. Hotel was refinanced after 5 months. Antico Management provided monthly reports and oversight to both lender and owner as well as recruitment, hiring, training and management of staff. Bank never took ownership or any liability of property.
  
  

  
  

• Rodeway Inn Willington December, 2013 – Present
  Lender hired Antico Management to consult / advise owner on operations for 6 months. Responsibilities included rate management, franchise relations, and negotiating competitive vendor pricing. Antico Management provided monthly updates to the Lender. The Lender never took title of the property and never had any additional exposure. The Owner kept Antico Management in place after the bank contract expired.
  
  

  
  

• 24 Apartments in Hartford, CT July, 2013 – Present
  Antico Management was retained as the court appointed “Receiver of Rents” by the bank’s law firm. Antico Management reported to the following parties: Court, Bank, Owner and law firm on a monthly basis. When the owner was not willing to continue with the workout, the bank foreclosed on the property and Antico Management has stayed on to manage all of the properties. Antico Management was approved by the Court as a “Receiver of Rents”.
  
  

  
  

• Church in Monroe, CT December, 2013 to September, 2014
  Antico Management was retained by a California lender to act as a court appointed “Receiver of Rents” for a 20,648 sq.ft Church Building. Antico Management was responsible for property management, which included oversight of a large insurance claim and subsequent renovation leading to a successful sale.
  
  




• Mystic Quality Inn October, 2014 to November, 2015
  Antico Management was hired by the bankruptcy attorney to be the “Receiver of Rents.” Once again, we reported to the Court, Bank, Lawyer and Owner. Antico Management vetted prospective buyers throughout the Northeast. The Hotel was marketed and sold at above market value last year.
  
  

  
  

Banks Who Have Contracted With Antico Management

• Home Loan Bank - RI
• United Bank - CT
• Freedom National Bank - RI
• Silicon Valley Bank - CA and NY
• Garrison Investment Group - NY
• Horatio Capital - NY