CRS Capstone Partners Advises Sawyer Enterprises

Case Study

Industry: Real Estate Development

Challenge: The Company partially opened the W Boston Hotel and Luxury Residences in 2009. Less than a year after the hotel opened, Sawyer Enterprises filed for Chapter 11 protection. It’s Lender, Prudential Real Estate Investors, pushed for foreclosure. With no liquidity, the hotel had limited resources to complete a themed bar, restaurant, or complete the construction of 123 luxury condominium units.

Solution: Hired as financial advisor to act as COO and Construction Manager to manage the business’s operations and oversee construction of the hotel and residences. Also provided advisory services to oversee the sales process of the hotel within bankruptcy proceedings to ensure maximum recovery to the estate.

Result: Successfully completed the construction of the hotel and residences and sold the hotel to a strategic buyer for approximately $90 million. Negotiated the retention of control over the 70 remaining condo units, which generated approximately $100 million in additional recovery. Sawyer emerged from bankruptcy and continues to thrive today.