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CANYON RANCH
Miami, FL
Senior Lender
SITUATION:
RDS was tasked with forensic accounting, operational review, lien negotiations, and construction completion.
THE PLAN:
RDS was tasked with forensic accounting, lien negotiations, and construction completion.
RDS was the first party to create financial statements for the hotel, which subsequently revealed a precarious cash position that had previously been unreported; RDS negotiated a settlement to a $23 million construction lawsuit, which obviated a major hurdle to closing units; the company also negotiated more than 270 lawsuits over sales contracts, many of which were settled with the outcome actually being the sale of the unit.
