|Total Portfolio Activity||17%||Total Assets Under Management||300,000,000|
|Targeted Investor IRR||15||Targeted Equity Multiple||2|
|Targeted Average Cash Yield||10||Targeted Investment Period||5|
|Targeted Project IRR||15||Sponsor Co-Invest ($)||1,000,000,000|
|Sponsor Co-Invest (%)||10||Offers Due||2021/08/26|
|Funds Due||2021/08/26||Targeted Distribution Start Date||2021/08/26|
|Initial Posting Date||2021-08-26 10:54:09|
Table Of Contents
Details on investment structure, promote structure, fees, and targeted cash flow tables
Details on Sponsor’s strategy and deal execution, entrance and exit cap rates, and market leasing assumptions
Physical details of the property, amenities, rent roll, and site plans
The Business Plan
WARD’s objective will be to continue Prieto’s successful opportunistic real estate investment activities, with focus on repositioning underperforming hotel and resorts in the United States. At the Crowne Plaza in Columbus, OHIO this will entail the following:
- The Property will be converted remain a Crowne Plaza Hotel and add an ASNE Club featuring an Amusement City.
- WARD will renovate the existing hotel spaces to meet brand standards and invest in various upgrades to the property that will allow for it’s uses as a smaller ASNE Club standards.
- WARD will enter into a management agreement with HVMG and Mr. Pro-Fun the day-to-day operations
- The ASNE Club: I.e. Amusement City will enter into a lease for approximately TBD, now commonly known as the Buckeye ballroom space, rooftop terraces, restaurants for an annual rent payment of $300,000 NNN and will provide a letter of credit of $300,000.
- Indoor/Outdoor Pool
- Business Center
- Fitness Center
It is a nine-story 300-room hotel is prominently located within the Busch Corporate Center, and proximate to the Crosswoods Business Park and Polaris Centers of Commerce. The hotel possesses excellent visibility to both Interstate 71 and Interstate 270 in Northern Columbus. The combined office market (Worthington, Westerville, and Polaris), has over eight million sq. ft. of total office space.
The property is also convenient to numerous area demand generators including JP Morgan Chase (two million sq. ft. corporate office), Worthington Industries, Anheuser-Busch Brewery, Huntington National Bank and Columbus International Airport.