New York, NY 10001. A series of companies have failed over the years to make the ship and surrounding area profitable. The push from the city comes as a series of inspection reports by an outside contractor have shown the ship is falling into disrepair, even after the city’s infusion of cash—which wasn’t enough to cover even the most dire problems, and was spent as of last December. The operator of the Queen Mary has not met its obligations to maintain and repair the historic ship, and could be in danger of defaulting on its lease agreement to run the ship, according to a letter from the city’s economic development director to a principal at Urban Commons. Disney quit its lease shortly after the release of a 1992 marine survey that identified $27 million needed for repairs. 5 Pennsylvania Plaza 15th Floor The company was founded by Evan Gentry, Taylor Woods and Brad Barber in 1996 and is headquartered in Irvine, CA. This demonstrates the Sponsor’s ability to navigate through this difficult period of economic hardship due to COVID-19 and other unexpected calamities. Sponsor has the experience and capability to stabilise EHT. "As we continue to target high quality assets in top MSAs, Salvatore will be a tremendous addition to our company," said Taylor Woods, Principal of Urban Commons… Their resignations are expected to take effect by 26 May. The firm owns, manages and invests in a variety of assets including land, apartment buildings, condominium projects, hotels, retail and commercial properties. Prevratil in 2007 agreed to pay the city $4.9 million in a bankruptcy settlement and Save the Queen LLC purchased the lease through an auction at bankruptcy. “The hotel industry is facing one of its biggest challenges to date, and we have asked for the same trust, flexibility and goodwill from EHT and DBS Trustee that the Sponsor has demonstrated, including paying above the hotel-generated income since time of IPO, providing multiple solutions consistent with commercial practices between lenders and other public companies experiencing the impact of COVID-19. The Sponsor has a plan to provide critically needed financial support to EHT; however, it has been unable to obtain cooperation to implement this plan from the designated trustee, DBS Trustee Limited (Trustee), the Special Committee (SC) and EHT’s third party advisors and consultants. reference purposes only and does not imply any association with the trademark holder. Nurture your network and further your business goals with smart intelligence on the people and companies that matter most to you. This is despite EHT's interested person transaction compliance manuals requiring to internally report, disclose and declare in accordance with compliance policies, and provide copies of the agreements to the EHT board. Taylor Woods’s colleagues are Howard Wu, Michelle Chan, Scott Ostrander, Kimberly Wilkins. That’s why we’re asking readers like you to support our independent, fact-based journalism. Howard Wu and Taylor Woods, directors of Eagle Hospitality Trust's (EHT) sponsor Urban Commons, plan to resign from EHT’s board of directors, according to an announcement. The letter, signed by John Keisler, the director of Economic Development for Long Beach, asks Urban Commons to respond within 30 days and provide a plan to address the deficiencies. In 2006, Prevratil filed for Chapter 11 bankruptcy when the city demanded several million dollars in unpaid rent. The company focuses on improving unde... Information without innovation is just data, Taylor Woods’s role in Urban Commons is Founder & Principal, Taylor Woods’s email address is t***@urban-commons.com, Taylor Woods’s business email address is t***@urban-commons.com, Taylor Woods’s direct phone number is (310) ***-****, Taylor Woods’s HQ phone number is (213) 260-9111, Taylor Woods’s latest education in Bachelor of Science - at Brigham Young University. Wu and Woods served as the non-independent and non-executive chairman, and deputy chairman, respectively. Harness the power of your relationships with RelSci Pro, the powerful platform for identifying relationship-driven business opportunities and connections that can propel your career forward. Our position is that the overpaid rent should have been used to offset Fixed Rent in January 2020.”, (ii) Force Majeure attributable to COVID-19. United States. QUEEN MARY; High-priority repairs will cost $5-$7M, Peer review of reports on EHT's Queen Mary in the works. 2020 – In a Breach Notice sent to Eagle Hospitality Trust (EHT or REIT), Urban Commons (UC or Sponsor or Master Lessee), the Los Angeles-based real estate investment and development firm and Sponsor of EHT, has intimated that the amount of funds it has injected into EHT over the past year are outstanding and due for repayment. What Factors Are Helping Drive the Growing Mobile Market in Nigeria? For more information on Urban Commons, please visit: https://urban-commons.com/. This has left the Sponsor with no choice but to serve the Legal Notice and also to highlight that EHT has legal obligations to the Master Lessee which are not being fulfilled. The estimated cost to remove the lifeboats is $2.3 million. The Sponsor believes it is time to put the record straight in relation to the REIT’s description of alleged missed rent payments, financial discrepancies, and recent defaults. View Taylor Woods's business profile as Founder & Principal at Urban Commons. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights. The $250 million project has yet to be approved by the city. In 1993, Joe Prevratil (who had managed the ship for Wrather), signed a five-year lease and reopened the ship, which had closed at the end of 1992, and three years later the city extended his lease to 20 years to control the operation of the ship. Wrather Port Properties acquired operational rights in 1980 until 1988, when Wrather was acquired by the Walt Disney Co., whose main interest was getting control of the Wrather-owned Disneyland Hotel and lost interest in the ship when its plans for a DisneySea theme park in Long Beach fell through. Who are Taylor Woods’s peers at other companies? What is Taylor Woods’s role in Urban Commons? As part of the lease agreement, the company plans to develop the 64-acre waterfront as a premiere entertainment destination. Find RelSci relationships, employment history, board memberships, donations, awards, and more. There is an inherent risk associated with the uncertainty, misalignment, additional time delays and other complications associated with introducing a new unknown party at this critical stage.”, “EHT is not alone in confronting the prospect of a costly restructuring process, which may ultimately dilute unitholders’ value if all parties do not cooperate and the process takes too long.”. All rights reserved. Johnny Vallejo, the city’s property services officer who oversees the Queen Mary, on Thursday said the letter is part of standard communication whenever the city has an issue or concern with a leaseholder. However, it appears that EHT, on its advisors’ recommendations, is continuing to permit activities which may rapidly consume EHT’s cash resources, including soliciting a process to bring in a new partner that is likely to take several months before a successful tenderer and its plan may be approved for execution. Our unique concept pairs modern architects with trusted builders to create a sustainable community like none in Dallas. Run your business without fussing over your financial and corporate needs, Most Singaporeans to immediately divest equities in market downturn, How insurtech Cover Genius delivers personalised insurance anywhere, Average Singaporean needs 8 days to afford iPhone 12 Pro: survey. 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Reach her at, “remains fully committed to our partnership with the City of Long Beach and our shared vision of restoring, preserving and enhancing The Queen Mary to create a first-class, all-inclusive entertainment destination.”, Close to home: Climate change in Long Beach, Special Report: Citizen Police Complaint Commission. Get Contact Information on the World's Most Influential Decision Makers. In addition to the Notice of Breaches letter, both Mr. Wu and Mr. Taylor Woods have sent a letter to the advisory firm appointed by EHT to restructure its portfolio, dated August 5, 2020.
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