August 13, 2019
Carlton Group is the exclusive advisor to the developer of a Marriott Tribute hotel in Saratoga Springs, NY. This 157-key hotel will be located at the corner of “Main and Main” in downtown Saratoga Springs, surrounded by heavily pedestrian trafficked retail, apartments and office as well as convenient to other revenue generators more closely associated with the area just 2 1/2 hours north of NYC. As a point of reference to the depth of the market, the adjacent Adelphi Hotel recently completed a renovation costing almost $1 million per key.
The sponsor is seeking approximately $8 million from a JV equity partner to capitalize the deal which reflects a 65% LTC construction loan and a PACE loan.
The project includes the development of off-site structured parking and existing commercial buildings which includes office, apartments and net-leased Starbucks to serve as a hotel amenity.
The sponsors are led by a partnership including Saratoga’s leading General Contractor and attorney. An operator has been selected but the sponsors will strongly consider an alternative one who invests equity as well.
Projected returns are a 18% IRR and 2.5x equity multiple.
For more information, please contact:
Paul Wolfson | Director
914.393.4988 MobilePrevious Next
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