Northern Riverfront Marina and Hotel LLLP
BUSINESS PLAN AND FINANCIAL PRO-FORMA Page 2
or by selling the entire marina asset once income stabilization and EB-5 programrequirements have been met. Current appraisals show a 39 Million ($39,000,000) Dollar value for the marina when completed.The second component of this Project is the construction and operation of a hotel, locatedon a 1.26 acre site, adjacent to the Marina and the City of Wilmington’s new ConventionCenter. The 105,000 square foot Convention Center is fully funded and under construction, with opening scheduled for spring 2010. Our Project’s hotel, the closest tothe City’s Convention Center, will be located diagonally across the intersection from theConvention Center, allowing it to capture a majority of convention business. The hotelwill include a minimum of 120 rooms, hotel amenities, and an additional 30,000 squarefeet of retail space, (to include dining and family entertainment components) and parking.The hotel will host a well-known and respected brand-name flag and provide qualityservice and hospitality at competitive rates.Hotel construction is expected to take approximately 17-20 months. The anticipatedschedule is 5 months to complete final engineering, approval, and permitting. Actualconstruction is anticipated to take an additional 12-15 months.The Project will be positioned to sell in 3-5 years when income stabilization is achieved& EB-5 program requirements have been met. Based on historic market valuationmodels, at full stabilization, anticipated hotel value should be between Sixteen Million($16,000,000) and Twenty Million ($20,000,000) Dollars.The General Partner estimates the total cost of the Project to be Forty-two Million Dollars($42,000,000), consisting of Twenty-four Million Dollars ($24,000,000) from directdeveloper investment, reimbursements from the City of Wilmington, and existing debt.The remaining Eighteen Million dollars ($18,000,000) is being raised in accordance withterms of the Offering Circular and Subscription Agreement.