|Total Portfolio Activity||17%||Total Assets Under Management||300,000,000|
|Targeted Investor IRR||15||Targeted Equity Multiple||10|
|Targeted Average Cash Yield||10||Targeted Investment Period||5|
|Property Type||Resort||Location|MSA||New Jersey|
|Targeted Project IRR||10||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 10:38:52|
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 Claridge this will entail the following:
- The Property will be converted into a JDV by HYATT Hotels from a Radisson Hotel Resort
- 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 an ASNE Club.
- WARD will enter into a management agreement with HVMG and Mr. Pro-Fun to perform the day-to-day operations and construction management at the property.
- The ASNE Club: I.e. Amusement City will enter a lease for approximately TBD space, now commonly known as the former casino spaces, 6th floor ballroom space, rooftop terrace, restaurants for an annual rent payment of $3,000,000 NNN and will provide a letter of credit of $3,000,000.
A 500 room resort hotel located on the Boardwalk in Atlantic City at Boardwalk and Park Place. The hotel has been completely renovated and opened in the forefront of non-casino hotels in Atlantic City. Connected to Bally’s Casino, it has two main ballrooms and one grand ballroom decorated in a style honoring the city’s great history. There is Malcolm’s Famous Bar, Twenties restaurant, and a 500 seat theater. Recently added in 2017 are the Marilyn Monroe and JFK Grand Suites, and the VUE 8,000 square foot indoor and outdoor roof top bar.
The resort has, on the 8th floor, an indoor pool, workout area, and arcade with a soon-to-come spa, all redone in era style antiques and décor. There is an 1,100 space parking garage with a 400 space valet parking area and 30,000 square foot of offices housing Miss America’s Headquarters.