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Marina Hotel Business Plan

Marina Hotel Business Plan

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Published by bcm924
Business plan for downtown Wilmington development.
Business plan for downtown Wilmington development.

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Published by: bcm924 on Jun 02, 2011
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06/15/2013

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Northern Riverfront Marina and Hotel LLLP
BUSINESS PLAN AND FINANCIAL PRO-FORMA Page 1
BUSIESS PLA AD FIACIAL PRO-FORMABusiness Plan
orthern Riverfront Marina and Hotel Limited Liability LimitedPartnership
 Northern Riverfront Marina and Hotel Limited Liability Limited Partnership iscommencing a new Project on the Cape Fear River in downtown Wilmington, NorthCarolina. This Project represents the cornerstone of an overall master-plannedredevelopment. A summary of that overall development follows herein. The starting point of all good developments is the foundation. The portion of this overall riverfront project being undertaken by this Limited Partnership is the Marina and Hotel component.On October 8, 2009, the Partnership (Buyer) entered into a Purchase and Sale Agreementwith City Marina Wilmington, LLC and Riverfront Holdings II, LLC (Sellers) to acquirea total of 566,280 square feet (13+/- acres) of real property located at 1 Hanover Streetand 10 Harnett Street, Wilmington, NC.The first component is the construction of a new full service Marina along the Cape Fear River in historic downtown Wilmington. The site is 11.75 acres +/- and will have up to204 slips ranging in size from 40 to 100 feet. The Marina portion of the projectencompasses a 14’ wide River Walk, several kiosk retail shops on the existing concretedocking facility, as well as a diesel fuel depot and parking.Marina construction is expected to take 7 months for excavation and an additional 4 to 6months to complete the first phase of slips. The engineering and construction drawingsare complete. Bids for construction are finalized. Permits for dredging, demolition andconstruction have all been secured with all local, state and federal agencies. Thedeveloper has been released for construction by required governmental agencies. Finalagreements have been executed and recorded between the Developer and the City of Wilmington to share the cost of the marina’s bulkhead, as well as reimbursement of construction costs for a River Walk connecting the property to the City’s new ConventionCenter and the historic downtown district to the south.The marina will be operated by a full time professional staff. Initial operations of themarina will produce income from transient rental and short term leases. The marinaincome will be further enhanced by fuel and retail sales. The General Partner willdetermine, based on market conditions, to either commence slip sales, or maintain leasing program until initial investment period is complete. This determination will be made with priority placed on preservation of capital and maximizing profit to the LimitedPartnership. Return of investment capital shall be achieved through sales of marina slips,
 
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.
 
Northern Riverfront Marina and Hotel LLLP
BUSINESS PLAN AND FINANCIAL PRO-FORMA Page 3
Marina and Hotel: The cornerstone of the overall master-planned redevelopment
The overall master plan is a 39+ acre site located in the central business district of downtown Wilmington, North Carolina. The entire riverfront redevelopment project isestimated to be over 750 Million dollars. The project stretches nearly one mile along theCape Fear River and is the only remaining undeveloped river frontage in downtownWilmington. The property has historical significance dating back to the late 1700’s as acentral shipping port for the region.The site is situated minutes from Interstate 40 and US Routes 17 & 421, and is within 5miles of the Wilmington International Airport to the north and within 10 miles of theAtlantic Ocean to the east. The project lies immediately south of US Route 133 andserves as the northern entrance to historic downtown Wilmington. The entire project iszoned Central Business District (CBD), allowing for high-density vertical development.The City of Wilmington’s new Convention Center borders the Marina property. The sitealso shares a boundary with Cape Fear Community College and the new 400,000-squarefoot corporate headquarters of global pharmaceutical research company PPD, with 1800employees.

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