Overview
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
Property Type Hotel Location|MSA Ohio
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

Ohio
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. 

 

Amenities

Amenities:

  • Indoor/Outdoor Pool
  • Business Center
  • Fitness Center
Description

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.




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