Investment Criteria
| Hotel Building Parameters | 150 to 600+ room full-service properties Minimum $10MM gross revenue Prefer>50 SF meeting space per room Could include golf, fitness, spa, condo management, etc. |
| Improvements Quality | Upscale and luxury buildings and improvements 3 to 5 Star |
| Market Location | Primary and secondary resort, urban, and suburban markets in the U.S. |
| Other Market Criteria | Prefer markets with convenient primary or regional airport service; reasonable barriers to entry; diversified demand generators; and multiple demand segments in corporate, group, and leisure. |
| Site Ownership | Prefer fee simple land but will consider longer-term economic leaseholds (>60 - 80 years) |
| Transaction Size | $18 Million to $120+ Million individual assets. Portfolios will also be pursued. |
| Investment Profile | Both current income and value-added projects including, renovation, repositioning, and management efforts. |
| Development Component | Development upside and major redevelopment potential will also be considered with assets that can continue to produce interim cash flows. |
| Management | Prefer unencumbered projects or those in which management can be terminated during investment period. |
| Franchise Brands | Will consider primary franchise affiliations if market driven. |
| Targeted Investment Returns | Leveraging Return 17% - 20% (60-65% LTV) Minimum 12-14% unleveraged return Low initial yields are acceptable where appropriate |
| Replacement Cost Threshold | Purchase price below replacement cost (<95%). |
| Transaction Funding | All-cash purchase. |
Accolades and Testimonials
"In 2008, golf.com established the Green Awards, recognizing ten destinations around the U.S. for their achievement in environmental stewardship. This year, Sunriver Resort was one of three golf destinations added to the list." - More from Destination Hotels & Resorts
"The Winter 2010 issue of Golf Inc. magazine named The Links at Terranea “Development of the Year”" - More from Terranea Resort™
