|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||New York|
|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 10:46:27|
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 Syracuse, New York this will entail the following:
- The Property will be converted into a HardRock Hotel and ASNE Club from a Crown Plaza Hotel.
- 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 per ASNE Club standards.
- WARD will enter into a management agreement with HVMG and Mr. Pro-Fun for the day-to-day operations and construction management.
- The ASNE Club: I.e. Amusement City will enter into a lease for approximately TBD, now commonly known as the ballroom spaces, rooftop terrace, restaurant for an annual rent payment of $1,000,000 NNN and will provide a letter of credit of $1,000,000.
- 20th Floor Horizons Ballroom
- Business Center
- Fitness Center
The hotel is an upscale hospitality gem, offering luxury rooms and suites and generous amenities for business and leisure travelers. From onsite dining at Redfield’s Restaurant to elegant meeting space and a convenient business center, the offerings at the distinctive circular hotel are diverse and accommodating. Be greeted by world-class service and inspired services unsurpassed by other downtown Syracuse hotels. It offers 276 hotel rooms and 3 luxury suites outfitted in graceful furnishings and featuring perks that include 42″ HDTVs, in-room dining, work desks, complimentary high-speed Internet access, and more.
It is in the heart of downtown is easily accessible from the NYS Thruway and Interstate 81. We are conveniently situated near area attractions, businesses and Syracuse University. Within blocks, guests can find The Oncenter Complex for conventions and expos, and within five miles are the New York State Fairgrounds. Must-see attractions include the Finger Lakes and the Great New York State Fair.