Historic Hotel and Spa Restoration

Historic Hotel and Spa Restoration

Flipper/Rehabber · Fayetteville, AR · Member since 2016 · 130 posts · 62 votes

I have family members who have decades of specialized experience in the hospitality industry, and they have been scouting the Northeast for a high-yield conversion opportunity. We have recently identified two prime assets—one in Maine and the other a historic property in Upstate New York. I am helping them finalize the budgetary numbers for renovations and they are looking for either a savvy private money broker or a private equity partner who understands the criticality of a 'buy-right' strategy in historic hospitality. For the historic property in upstate NY, we already have the original blueprints, and a couple of recent full structural engineering reports including one from 2024. We have utilized an industrial 'Owner-GC' renovation budget that significantly de-risks the build-out compared to traditional commercial construction methods and allows for alternative engineering approaches to this massive project. I was hoping to receive some advice or potential contacts to help them in the pursuit of their dream property.

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  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    9mo

    OP.  Baby boomers are aging out.  Recommend they look at existing operations and getting it priced right. They can Re-brand later.   The risk reward will be a lot more favorable and less stressful.  Your "Build Out" cost approach is great, but they also need to budget their Grow Out budget.  Depending on their market and their product it might take years to get too breakeven.

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