Property Details
Stabilized Cashflow  NOI Growth  Stabilized Occupancy 
Asset Profile
Value Add

New York LaGuardia Airport Marriott

New York, NY

Hospitality Property
ASAP International Hotel, LLC Pasadena, CA
ASAP International Hotel, LLC
  • IRR 19.6%
  • Equity Multiple 2.1x
  • Hold Period 5-10Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 11%
  • Stabilized Cash on Cash 11% in Y1
  • First Distribution Mar 2020
  • Distribution Frequency Quarterly
  • Co-Investment 25%
  • Preferred Return 8%
  • Investor Profit Share 70%
  • Asset Profile Value Add
  • Loan-to-Value 72.5%
  • Current Occupancy 85.5%

About this Property

Why This Property?

Jerome Yuan, ASAP International Hotel, LLC: "The seller recently completed a $30 million full-scale renovation last year which makes the hotel feel and look brand new. It features the largest meeting space in Queens with 22 meeting rooms and a total of 13,645 square feet meeting space altogether. The hotel also has updated equipment, comfortable modern guest rooms with contemporary style, a restaurant, bar and an M CLUB which makes it the most desirable hotel in the LaGuardia Airport and Queens."

"With a purchase price of $120 million ($270,000 per key), this acquisition represents a 7.51% cap rate based on a very conservative YE 2020 NOI. We believe these are incredible metrics compared to recent comparable sales in New York City."



Why Do You Like This Strategy?

Jerome Yuan, ASAP International Hotel, LLC: "The project IRR is expected to be 24.7%. The Investor IRR over the 5-year holding period and Cash on Cash return per year are 19.6% and 11.2%, respectively. Our IRR calculation is based on very conservative projections. The brokerage firm (JLL) projects 23.8% and 12.4%, respectively. While Aimbridge (the current management company) is projecting 27.9% IRR & 15.3% average Cash on Cash."



How Are You Mitigating Risks?

Jerome Yuan, ASAP International Hotel, LLC: "This is a fee-simple acquisition of 3.1 acres of land, non-union, with 60% of replacement cost, our own choice of a management company, and low leverage debt at a favorable interest rate. We believe these are all key points to flexibility and risk mitigation."

About this Property

Why This Property?

Jerome Yuan, ASAP International Hotel, LLC: "The seller recently completed a $30 million full-scale renovation last year which makes the hotel feel and look brand new. It features the largest meeting space in Queens with 22 meeting rooms and a total of 13,645 square feet meeting space altogether. The hotel also has updated equipment, comfortable modern guest rooms with contemporary style, a restaurant, bar and an M CLUB which makes it the most desirable hotel in the LaGuardia Airport and Queens."

"With a purchase price of $120 million ($270,000 per key), this acquisition represents a 7.51% cap rate based on a very conservative YE 2020 NOI. We believe these are incredible metrics compared to recent comparable sales in New York City."



Why Do You Like This Strategy?

Jerome Yuan, ASAP International Hotel, LLC: "The project IRR is expected to be 24.7%. The Investor IRR over the 5-year holding period and Cash on Cash return per year are 19.6% and 11.2%, respectively. Our IRR calculation is based on very conservative projections. The brokerage firm (JLL) projects 23.8% and 12.4%, respectively. While Aimbridge (the current management company) is projecting 27.9% IRR & 15.3% average Cash on Cash."



How Are You Mitigating Risks?

Jerome Yuan, ASAP International Hotel, LLC: "This is a fee-simple acquisition of 3.1 acres of land, non-union, with 60% of replacement cost, our own choice of a management company, and low leverage debt at a favorable interest rate. We believe these are all key points to flexibility and risk mitigation."

Offered By

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Assets Under
Management

Currently
$250MM less than 10 assets
Exited
$450MM less than 10 assets
Portfolio LTV
65%  
Historical
Realized Returns

Total IRR
25%  
Equity Multiple
3x  
Annual Cash
15%  
Years Of
Experience

As Principals
30+ years  
In Business
14 years  
Size
10 Staff * Dedicated investor relations
* All information is reported by ASAP International Hotel, LLC as of 10/4/2019.
Assets Under
Management

Currently
$250MM less than 10 assets
Exited
$450MM less than 10 assets
Portfolio LTV
65%  
Historical
Returns

Total IRR
25%  
Equity Multiple
3x  
Annual Cash
15%  
Years Of
Experience

As Principals
30+ years  
In Business
14 years  
Size
10 Staff * Dedicated investor relations
* All information is reported by ASAP International Hotel, LLC as of 10/4/2019.

Financials

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Offering Financial

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Location Details

New York, NY

Irreplaceable location: 5-minute walk to new Delta Terminal via a bridge over Grand Central Parkway; The hotel is 2.5 miles from the US Tennis Open Field, New York Mets’ Citi Field and Flushing. LaGuardia Airport is scheduled to finish its $8 billion complete renovation and expansion in 2022.

Documents

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Offering Agreement Documents

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