"We believe it is the second inning in a nine inning game of distressed properties, specifically hotel properties," Jed C. Heller, president of the Providence Group tells GlobeSt.com. Financial institutions, in general, do not want to own hotels, he explains, and Providence's goal is to get the numbers up, show the potential of the asset and assist in terms of selling the property.

Providence will, if necessary, put a general manager in place and Heller will personally supervise the transition and property. Heller sees many of the properties staring down over-leveraging with many now worth 30% to 40% of the value at which they were purchased. Putting in a management company with expertise in hotels brings in an experience element that may be missing from the equation.

Heller looks at "cost containment" as a key to turning an asset around, "We put controls in place immediately, and the other opportunity is yield management. I'd say 50% of the hotel industry doesn't know ho to optimize occupancy and rate, and we're very good at it." The idea being a few cost-cutting measures in addition to optimizing rates will be part of a focused action plan that will attract future buyers, while improving numbers in the short term for these properties.