Building a hotel in a prime time area is a marathon of work. You can't look at the project over a 2 or even 3 year time frame. It takes quite a bit of dedication, perseverance, patience and diplomacy. So far, this project has been in the works for about 8 months now, and we're still not in the permitting process. Initially, the owners of the real estate, were looking to build a limited service timeshare project. As one of the owners said it:
"We have a golden opportunity with the location and the state of the economy in which we're at."
After multiple meetings with hospitality professionals, including consultants and hoteliers, we were convinced that the development of a hotel was the route to take. Shortly after, we decided on obtaining a feasibility study, along with the appraisal we already had on hand. Moreover, we also were looking into some preliminary designs and plans for the structure to be built.
After we had completed the feasibility study, we had a clear picture of the hotel flags we wanted to pursue. For the purposes of confidentiality, I am not at any liberty to divulge the hotel flags we have approached and applied for.
As we continue to move forward, we still have many other parts to plan out and resolve, which include:
- Financing (both equity and debt stacks)
- Professional teams to work with (which will include architectural, engineering, general contractors, etc.)
Stay tuned for many more updates to come!