#2 Opportunity - Owners Representative
Successful business owner with expertise in businesses outside of hotels, planned to develop a flagged hotel in a city center. Business owner / family were working on the project for 9 months, unable to get a real cost on hotel, identify a builder, or finalize their capital stack. Principal of
made a cold call
to ownership and after 5 interviews,
was awarded a 180-day agreement.
diligently dug in. Within the first 90 days, the owners had an accurate project cost, a pre-opening budget, identified a contractor, and identified capital stack opportunities. In addition, the
became the brand liaison, identifiedFF & E purchasers/installers, and introduced owners to similar new build hotels / ownership groups within the New England market. The
also got actively involved in the site remediation process. All of the above provided the owners an accurate picture / action plan on bringing their hotel to reality.
At the end of the 180-day period of working with
, ownership came to the reality they would be better off selling the approved site to another developer. Site is currently under contract with an accomplished hotel developer and all groups are satisfied. Construction on site is expected to begin in spring of 2019.