Medicine Hat Lodge to resume operations post-receivership order. Supplied/Wyndham Hotels & Resorts, Inc.

By Jayk Sterkenburg

BUSINESS

Medicine Hat Lodge continues operations amid financial difficulties

Nov 7, 2024 | 3:13 PM

A receivership order for the Medicine Hat Lodge has come into effect as of Oct. 24 of this year but the establishment has continued operating.

Ernst & Young Inc. has been designated as the receiver of the current and future assets of the property.

Mayfield Investments Ltd., owner of the Lodge, was not able to fulfill property debts by a court-appointed date.

The order was put in place and the accounting firm is presently undertaking the properties debts and following proceeds.

The purpose of the first report of the receiver was to provide Mayfield’s stakeholders with background on the company, a summary of the activities of the receiver since Oct. 24 and the receiver’s communications with the employees and payroll considerations.

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That first report also includes operational, maintenance and other matters identified by the receiver, details of the receiver’s communications and undertakings with Alberta Gaming Liquor and Cannabis and the receiver’s proposed next steps related to the operations of Mayfield.

In preparation for the First Report, Ernst & Young Inc. relied upon unaudited financial information, the company’s books and records and discussions with Mayfield’s managers and employees.

Mayfield’s business includes owning and operations certain hotels. Mayfield’s assets consist of the Camrose Resort and Casino and the Medicine Hat Lodge.

The MHL is part of the Trademark Collection by Wyndham and consists of a hotel, three restaurants, a waterpark and a convention centre.

Mayfield owns a 50 per cent interest in 1995472 Alberta Ltd., which owns 100 per cent of the shares of Vanshaw Enterprises Ltd. Vanshaw owns and operates the Copper Coulee Casino, which is attached to the MHL.

Mayfield’s businesses were negatively impacted by the COVID-19 pandemic and have continued to experience financial difficulties.

Additionally, the CRC was subject to a serious flood in 2021, impacting 83 guest rooms and resulting in a partial re-build of the hotel, which materially impacted operations.

As at the Appointment Date, the aggregate of all indebtedness and accrued interest owed by Mayfield to ATB, the primary secured creditor of Mayfield, totalled approximately $38.8 million.

Following the filing of the Lender’s Certificate, representatives of the Receiver attended at the CRC and the MHL on Oct. 24, 2024 to, among other things, meet with The Vice President of Operations, general managers and employees.

This was in order to inspect the properties, meet with representatives of the Alberta Gaming Liquor & Cannabis agency, understand operations, obtain financial information, establish operational procedures, ensure adequate insurance is in place, develop a communication plan with employees, and ensure payroll continues in the ordinary course

The Receiver is in the process of developing operational procedures and documentation in consultation with key managers, to ensure orderly continuation of operations.

Ernst & Young Inc. has decided not to speak further on the matter at this time.