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 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

Syracuse, NY
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.
Amenities

Amenities:

  • 20th Floor Horizons Ballroom
  • Business Center
  • Fitness Center
Description

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.




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