FEATURED PROPERTIES
Sheraton Suites Plantation-Fort Lauderdale
Plantation/Fort Lauderdale, FL
PROPERTY DETAILS
- 263 ROOMS
- “Broken” asset owned by Lender
- Located as an anchor to an active $350MM lifestyle retail, office, and multifamily development site
- Hotel was on brink of major lawsuit between seller and one of the largest lifestyle mall developers in the country
- Other buyers were apprehensive about inserting themselves in the potential legal claims
SERVICES
- Active Asset Management
- $11MM renovation planning and project management
- Construction coordination and significant ongoing post-acquisition deal negotiations with major mall developer
RESULTS
- Completed renovation $850k under budget
- Purchased significantly below replacement cost due to pre-existing legal challenges between previous owner and mall developer
- Post-acquisition negotiations were highly challenging and lasted 1-year but results immediately increased incremental value of asset by $2.5MM without adding additional cost
- Asset was transformed to now trophy asset in the South Florida market
Home2 Suites by Hilton Columbus-Indianapolis
Columbus (Indianapolis MSA), IN
PROPERTY DETAILS
- 102 Rooms
- Ground-up development on a non-prototypical tight lot
- Equity Investment
SERVICES
- Planning and construction phase support
- Pre-opening and opening services
- Property management
RESULTS
- Non-prototypical development was completed under budget and 33% below resale comps
- Ramped up new property during Covid19 within 3 months
- Property was profitable
- Strategy to build the tallest building in suburb proved to be key element to securing new customers quickly