National Republic Bank of Chicago Invests More Than $150,000 in Comfort Suites Lakeside and Comfort Inn in Houghton Lake to Improve Properties and Spur Local Business

GRAND RAPIDS, MI, July 22, 2012 (Press-News.org) National Republic Bank of Chicago has invested more than $150,000 in deferred maintenance and upgrades at the landmark Comfort Suites Lakeside hotel on the shores of Houghton Lake and nearby Comfort Inn to improve the properties and spur local business while the properties move through foreclosure proceedings.

Daniel Yeomans, president of Amicus Management Inc., said some patrons were unnecessarily alarmed earlier this week when a notice of foreclosure appeared in local media outlets and was posted at the Comfort Suites. Occupancy and event bookings at the Comfort Suites and the Comfort Inn have been trending upwards since April when Amicus Management was named court appointed receiver of the properties by Visiting 34th Circuit Court Judge Charles Corwin.

"It's clear from the sizable investment that National Republic has made in these hotels that the bank believes they are valuable properties that play a key role in the Houghton Lake tourist industry," Yeomans said. "Patrons do not need to worry about making room reservations or placing deposits on banquet facilities that we guarantee. If anything, the businesses are significantly stronger now than they were at the beginning of the year."

With 70 rooms and a meeting and banquet facility that can accommodate up to 450 people, the Comfort Suites resort hotel has been a prime location in the Houghton Lake area for weddings, golf outings, business gatherings and special events. In addition to its food and beverage services, the hotel features a pool and three-story high water park. With 69 rooms, the Comfort Inn has been a mainstay hotel for value-oriented travelers and vacationers who want to enjoy close access to Michigan's largest inland lake. The Comfort Inn features free internet, local phone use, and complimentary breakfasts.

The bank asked the court to name Amicus Management as receiver in April and allow it to foreclose on the properties to recoup money from more than $7.5 million in defaulted loans and obligations from owners Shailesh Shah and Bhavna Shah of Oakbrook, Ill. The lawsuit contends that the hotel owners have not paid federal, state and county taxes, as well as taxes due the Houghton Lake Sewer Authority and other obligations of the mortgages.

Since April, Amicus has overseen deferred maintenance at the water park, built a new deck, purchased new outdoor seating, improved landscaping and signage, upgraded the computer system at the hotels and held training for hotel workers to improve service. "Recent reviews of the Comfort Suites showed that patrons were pleased with the service, amenities and value they received," Yeomans said.

Based in Grand Rapids, Amicus Management is one of the largest and oldest workout and court-appointed receivership firms in Michigan. For more information on Amicus Management, please visit the company's website at http://www.amicusmanagement.com.

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