* Lisa Gordon * | | DEFLAGGED 11 HOTEL PORTFOLIO
SUPER DISTRESSED SALE
This 11 hotel portfolio suffers from both declining market conditions and mismanagement. As such, this 2,200 room portfolio presents a real opportunity for an experienced hotelier. The notes on this portfolio total over $70M, valued in 2007 over $90m.
The bank is willing to sell the portfolio at $28M. This is a sale of unencumbered Fee Simple Real Estate Assets.
The portfolio is located in the Eastern, North Eastern and Southern part of the United States. Current NOI is negative with occupancy approaching 40%. However, 2006 NOI was $5.5M with just 55% occupancy. Mid-2008 ADR was averaging $74 with RevPar at $33. Located in secondary markets, five of the hotels have recently lost their Holiday Inn flags, while two retain their Ramada flags and one retains its Crowne Plaza flag. Ratings range from one to 3.5 stars. Four hotels have exterior corridors, while seven have interior corridors.
Pensacola, FL 32504 (2)
Winter Haven, FL 33880
York, PA 17402
Cedar Rapids, IA 52401
Lancaster, PA 17601
Lansing, MI 48917I
Pittsburgh, PA 15213
AL 35660
Charleston, SC 29406
GA 31201
Most investors would consider this a short hold project. The idea is to buy the portfolio cheap, stabilize with proper management, remodeling and reflagging where necessary, then sell at a proper CAP rate when the market recovers in 2012.
My contact info is as follows:
LISA GORDON
Mortgage Banker
Mandate- Buyer-Seller
Direct: 818/772-0675 Fax: 818-772-6043 Email: lisag@vertexpacifica.com
http://www.linkedin.com/in/vertexpacifica
Licensed with the DRE. Specializing in commercial and hard money loans. As a Financial Catalyst in the capital markets since 1990 specializing in corporate finance. Access to ten billion dollars in investment capital. REO Bulk sales and Performing and Non Performing Notes sales. Access to public and private financing. Non-traditional money sources. Debt or equity financing strategies, real estate financing for construction and development projects. Stock loans on public securities for real estate investments.
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