Acquisition, Renovation, & Rebranding of a Distressed Independent Full-Service Hotel on the Chesapeake Bay
- Through an off-market transaction, acquired distressed hotel in 2018 for $19M with a premium location offering sweeping views of the Chesapeake Bay.
- The property was converted from an independent hotel to the Delta Hotels by Marriott by executing a $30 million shut and gut renovation. Hotel reopened in 2020, positioning itself as the newest, high quality hotel property in the area. The $100,000 per key investment completely renovated the hotel, with modern suites, lobby, pool, and concepted destination restaurant.
- Successfully implemented and executed operational business plan leading to outperforming year 1 proforma by over $2.2M.
- Received Hotel Opening of the Year award from Marriott International by showcasing forward-thinking design and services while executing efficient and thoughtful pre-opening strategies.
- Due to the exceptional success of the property and exceeding underwritten returns, hotel was taken to market resulting in a successful sale achieving a return on initial investment of over 2X.