Court Appointed Fiduciary
Legacy Asset Management
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Receiverships
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Partition Referee
Forensic Accounting
Due Diligence
Chief Restructuring Officer
Special Master
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Highest and Best Use Analysis
Douglas Wilson Companies completes hotel receivership sale in one of America’s most challenging markets.
The sale of a Portland Marriott hotel in receivership marks the first hospitality transaction in the city in three years, in an environment marked by post-Covid turmoil that persists even after many other markets have recovered.
“With the hospitality expertise EVP Joe Corcoran brought to this assignment, DWC achieved a very positive outcome and recovery for this property,” says DWC Chairman and CEO Douglas Wilson. “As the first hotel sale in Portland since February 2023, it not only marks a turnaround for the Portland Marriott, but it shows the value of receivership sale when a market is in decline. The team’s receivership expertise led to stabilizing the asset, operating it and resulting in the sale of a property no longer in distress.”
DWC was named Receiver for the property in 2024, on the heels of a significant downturn in the Portland hospitality sector. With a 3% reduction in area population between 2020 and 2023 as well as a sustained drag in business travel and meeting activity largely driven by market
perception issues related to Covid, the hotel and its counterparts experienced lower-than-usual occupancy, despite having an optimal location on Portland’s downtown waterfront.
A General Fund Forecast released by the City of Portland in December noted the decline in tourism as a significant factor for the local economy, citing a 15% reduction in hospitality jobs since the pandemic.
“The Portland hotel market is still suffering the effects of an exodus of corporations that moved from downtown to the suburbs, as well as changes in local government and the regulatory environment there,” says DWC EVP Joe Corcoran, who served as Agent for Receiver in the assignment. “There has been a lot of positive improvement since the pandemic for an area that historically had a strong leisure and convention market, but among U.S. metros, Portland was hit very hard by negative public perception and loss of tourists, leaving many troubled hotel properties.”
(Story continues on inside)
with Douglas Wilson Companies
DWC is on the move this spring, summer, and beyond with leadership and team members engaging with colleagues and clients at a variety of industry events.
May 14-17, 2026 — California Bankruptcy Forum’s 38th Insolvency Conference Santa Rosa, Calif.
DWC is pleased to sponsor this annual CBF event. DWC Chairman and CEO Douglas Wilson, President Michele Vives, COO Nich Wilson, who will speak on a panel discussing Assignments for the Benefit of Creditors as a workout solution, EVP Joe Corcoran, and Managing Director Michael Wilson will attend.
July 15-16, 2026 — IMN Bank Special Assets (West) Dana Point, Calif.
DWC is pleased to sponsor this annual event again in 2026, with President Michele Vives and EVP Joe Corcoran attending. Corcoran will serve as a panelist, sharing perspectives on distressed office and hospitality assets and the evolving dynamics within those sectors.
August 15-18, 2026 — CRA Annual Conference Colorado Springs, Colo.
DWC President Michele Vives and COO Nich Wilson will attend this annual event hosted by the Commercial Receivers Association, with Vives speaking on a panel discussing receiverships.
October 7-10, 2026 — NCBJ Annual Conference San Diego, Calif.
This annual conference brings together bankruptcy judges, legal professionals, and industry leaders to discuss emerging trends, case law developments, and key issues shaping the restructuring and insolvency landscape. DWC President Michele Vives, COO Nich Wilson and EVP Joe Corcoran will be in attendance.
Please say hello or book a meeting with DWC at one of these upcoming events!
In any hotel turnaround assignment, DWC as receiver examines several key areas: hotel operations, brand management, and any Property Improvement Plans (PIP) required by the brand. Often, these are deferred when hotel properties are in distress.
In the case of the Portland Marriott, DWC stepped in to place financial controls, maintain and improve operations, and understand the steps needed to preserve value in this particular market. In addition to managing revenue and cash flow, the team also had to consider the relationship with Marriott, which was not only the brand, but also the operator of the 506-key hotel.
DWC’s hotel-specific experience proved an asset for the Receiver given the day-to-day
property needs, which ultimately led to the marketing and sale of the property at the conclusion of the receivership.
In tandem with hotel operating expertise, Corcoran also applied more than a decade of experience as a hotel broker.
“It was a very successful outcome for this property, given it being in receivership, with significant recovery for the lender,” Corcoran says. “Maintaining the continuity of operations through the receivership enabled DWC to accumulate and preserve cash flow, enhancing the asset’s attractiveness to prospective buyers. At closing, the buyer stepped into a stabilized cash flow profile, providing a strong foundation for reinvestment and positioning the hotel for improved long-term performance.”
On the Forensic Front
Most of DWC’s projects and assignments require robust accounting support. This is due to the nature of workouts: when the firm takes control of an asset as a fiduciary, placing financial controls is a standard element of the process.
On the flip side of frothy markets, DWC tends to see more projects requiring forensic accounting services — accounting that involves specific and trained investigative skills that are used to uncover financial misconduct. This misconduct may come in the form of a financial fraud such as a Ponzi scheme, like the recent $735 million 1inMM scheme for which DWC President Michele Vives serves as receiver to recover funds to defrauded investors; operating company disputes where partners have dishonestly placed or hidden funds; or simply cases where ownership of an entity or asset has mishandled finances, leaving the accounting in a state of disarray.
“In the current market, which continues to be defined by several uncertainty factors, we are seeing an uptick in inquiries for this specialized kind of work,” says DWC Chairman and CEO Douglas Wilson. “Some
may not know that our team includes two in-house CPAs with significant forensic accounting experience, including DWC Controller Rene Weidman, who is an accredited forensic accountant.”
In the matter of 1inMM, which was investigated by the U.S. Securities and Exchange Commission, the team conducted a comprehensive forensic accounting analysis of more than 24,000 transactions in an effort to recover assets. Under Vives’s leadership, DWC will conduct a claims dispute process for more than 350 victim investors.
In a number of other matters, from Ponzi schemes to cannabis operating company disputes, the team has provided an equally thorough and detailed approach to retracing funds and reconstructing accounting systems as part of the recovery process.
“Forensic work requires a specific skill set that DWC is proud to offer as these cases come to light,” Wilson says.
DWC takes on construction management for partially-complete multifamily complex
In DWC’s most recent assignment relating to incomplete construction, the firm is overseeing a Mill Valley, Calif. multifamily property that was partially built before the owner defaulted on its loan.
Under an order in the Superior Court of California, County of Marin, DWC President Michele Vives was named Receiver for a prominently located threestory building in Mill Valley containing nine condo units with a mix of floor plans, including 2-bedroom, 2-bathroom layouts. Upon the time of the order, construction of the units included some interior framing, partial exterior siding, and elevators had yet to be installed.
DWC is applying its extensive experience in real estate development and construction management — including large-scale multifamily projects — to the assignment, which involves taking financial control of the property, overseeing and completing all construction.
Recent experience serving as Chief Restructuring Officer for a 525-acre partially-complete resort property in La Quinta, as well as overseeing the restoration and sale of the troubled “Hadid House” property in greater Los Angeles, have further prepared DWC’s team for broken construction assignments.
“Given our vast history as a developer, as well as recent assignments involving partially completed construction, we are in a unique position to manage the completion of this project,” Vives says. “The diversity of our experience and services — as well our current and past experience on assignments in the Bay Area market — makes us especially equipped to see the Mill Valley project to completion, while protecting the value of the property so it can go to market for sale.”
DWC sees a recent surge in new activity in Texas
Following the recent opening of DWC’s Dallas office and the company’s expanded presence in Texas, the company is seeing a surge of activity in the market, led by several new assignments underway and in the pipeline.
“Our expectation around a rise in receiverships in Texas was well timed,” says DWC Chairman and CEO Douglas Wilson. “The opening of our Dallas office, where EVP Joe Corcoran is based, has positioned DWC to serve the market there with a local pulse and experience.”
Corcoran currently is serving as Receiver for a multifamily property in Abilene, Texas, comprising four separate twostory buildings and spanning 28 units.
In its role as Agent for Receiver, DWC is tasked with taking possession, custody and control of the property, which includes 26,000 square feet of rentable space situated on a 1.53-acre site. Currently, the team is managing, operating and preserving the property while maintaining tenant stability.
In another ongoing assignment, DWC is serving as Agent for Receiver for locallyowned commercial self-storage facility
A-Affordable Self Storage in Midlothian, Texas. As part of its oversight, DWC has employed a third-party property manager under its direction to oversee the storage facility’s day-to-day operations.
“Texas spans a variety of markets, all with their own nuances,” Corcoran says. “DWC’s experience across Texas and commercial property types makes us well positioned to assist in scenarios statewide.”
Spending a good part of my career in real estate in some capacity, I learned what it takes to solve a tough problem. From planning to land-use, construction and finance, each development project is a puzzle to solve for the market it serves. Problems arise, solutions emerge. No project is without its challenges.
At DWC, we know this at our core, having applied a counter-cyclical approach to our business that has evolved so that we provide a variety of services in all economic cycles. We help our clients navigate both good times and bad times, whether the objective is growth and future planning or restructuring in times of distress. And by design, we have compiled an expert team of solution-oriented problem solvers whose experience goes far beyond real estate: operating company disputes, loan defaults, management challenges, and forensic accounting, to name a few areas of expertise.
In today’s market, we are putting all those problem-solving skills (and more!) to use in a surge of new workout assignments across industries and asset types. This newsletter details the uptick in new assignments we have under way in Texas, the resolution and recovery for a hospitality property in Portland, and some exciting updates regarding
our team and leadership that position DWC for growth going forward.
DWC may have some of its roots in real estate, but our breadth of services, including real estate advisory, legacy asset management, fiduciary services and turnaround expertise, all hinges on one thing: solving problems. Whatever problems may arise, our team stands ready to solve them. We welcome the opportunity to assist with whatever challenges come your way.
Sincerely,
Michele Vives President
Douglas Wilson Companies mvives@douglaswilson.com
Promotion and new hire bolster DWC leadership and company growth
As the next step in DWC’s leadership evolution, the company has made several strategic personnel moves in recent months that continue to support DWC’s expansion across business channels.
Most recently, that growth has come in the form of a flurry of major fiduciary assignments spanning a number of roles, from Receiver for San Francisco’s ParkMerced — the second-largest multifamily community in the Western U.S. — to Assignee in the recent Assignment for the Benefit of Creditors in the wind down of national online retailer Zulily and Chief Restructuring Officer for SilverRock, a 525-acre mixed-used resort and residential property in La Quinta, Calif.
“At a pivotal growth moment for DWC, we celebrate our current leaders and have made some strategic decisions that support the diversification of our services going forward,” says DWC Chairman and CEO Douglas Wilson. “It’s no coincidence that we continue to position our team to best support our counter-cyclical model as the economic environment shifts and as the number of workout assignments grows.”
Michael Wilson Promoted to Managing Director
In January, DWC promoted Michael Wilson to the role of Managing Director. Given his extensive work over the last five years with DWC, Mr. Wilson applies his asset management and project management experience to a variety
of assignment types. Most recently, he led DWC’s receivership work for Highland Park, a multifamily property in Washington, D.C., and has contributed to several other noteworthy assignments including a $735 million Ponzi scheme receivership and several workouts among cannabis operating companies and distributors.
“Time and again, Michael has proven himself an adept problem solver and astute asset manager,” says DWC President Michele Vives. “As Managing Director, he continues to grow his presence among our leadership team, which directly supports the company’s recent and future assignments.”
Chief Operating Officer Nich Wilson Expands Role
Having served in the Chief Operating Officer role for DWC for many years, Nich Wilson is increasing his involvement in company operations and project work as the pace of workout assignments continues to increase.
In line with an accelerating need among clients seeking problem resolution and restructuring services, Nich has grown his presence within the DWC leadership team over the last three years.
With his extensive background in real estate development and workout services, as well as his longstanding tenure with DWC, Mr. Wilson is poised to drive growth across these channels.
“Nich is a known figure in the worlds of workouts and real estate advisory services,” Vives says. “As a regular contributor at industry events and conferences, he continues to show his commitment to supporting the industries in which we operate. For DWC, he is directly involved in forging the path forward for the future of the company.”
DWC is pleased to announce the hire of Caden Medina, who has joined the team as Project Manager and will serve in
both asset management and real estate management functions. Mr. Medina, who previously served as a business development and commercial property manager for a San Diego-based real estate company, brings more than a decade of experience in multi-family asset management including leasing, loan servicing, business development and accounting.
In this new role, Mr. Medina is responsible for supervising the operation of multiple properties within DWC’s Workout Services business line. In support of these properties, he works directly with senior leadership to conduct risk analyses, review policies and develop strategies to maximize asset potential.
“We welcome Caden to the team in this new and critical role,” says DWC Chairman and CEO Douglas Wilson. “His talent in asset management adds significant experience and depth to the company’s project team.”
When DWC founder, Douglas Wilson, moved to San Diego in the early 1980s from the busted energy bubble of Denver, he was thinking big.
As DWC enters its fourth decade, it does so with an executive suite of high-achieving young professionals who have already experienced a round or two of cycles.
DWC completes hotel receivership sale in one of America’s most challenging markets
RECEIVERSHIP UPDATE
Texas Assignments Heat Up
DWC NEWS: A LEADERSHIP EVOLUTION
DWC supports company growth with personnel and leadership updates
CONNECTING WITH DWC
DWC event appearances, updates and more