Property Details
NOI Growth  Repositioning Opportunity  Below Market Occupancy 
Asset Profile
Value Add

hōm Hotel and Suites, Trademark Collection by Wyndham

Gainesville, FL

Hospitality Property
Viking Companies Gainesville, FL
Viking Companies
  • IRR 26.8%
  • Equity Multiple 2.15x
  • Hold Period 5Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 2.7%
  • Stabilized Cash on Cash 18% in Y2
  • First Distribution Jun 2019
  • Distribution Frequency Quarterly
  • Co-Investment 18%
  • Preferred Return 12%
  • Investor Profit Share 50%
  • Asset Profile Value Add
  • Loan-to-Value 60%
  • Current Occupancy 73%

About this Property

hōm Hotel and Suites, Trademark Collection by Wyndham is located in Gainesville, Florida, home to the University of Florida. The project is located right off the two busiest roads in Gainesville, I-75 and Archer Road. The hotel is next to a Cracker Barrel Restaurant and is being incorporated into Celebration Pointe, a brand new mixed-use project, adjacent to the hotel, with over 1 million square feet of restaurants, entertainment, and office space when fully built out. The existing hotel was built in 1997 and the purchase by 43rd Street Hotel Partners, LLC an affiliate of Viking was made in July 2017. The plan was to acquire a parcel of land with the hotel that was necessary to connect a major road to Celebration Pointe, then reflag and renovate the hotel. The hotel has been fully renovated, replacing flooring, ceiling, furniture, and fixtures in all the rooms and common areas as well as upgrading the food offerings and adding a bar. The hotel was reflagged to match its new contemporary style, rebranding as hōm Hotel and Suites Trademark Collection by Wyndham.

For more information about the hotel, visit https://homatcelebrationpointe.com/

About this Property

hōm Hotel and Suites, Trademark Collection by Wyndham is located in Gainesville, Florida, home to the University of Florida. The project is located right off the two busiest roads in Gainesville, I-75 and Archer Road. The hotel is next to a Cracker Barrel Restaurant and is being incorporated into Celebration Pointe, a brand new mixed-use project, adjacent to the hotel, with over 1 million square feet of restaurants, entertainment, and office space when fully built out. The existing hotel was built in 1997 and the purchase by 43rd Street Hotel Partners, LLC an affiliate of Viking was made in July 2017. The plan was to acquire a parcel of land with the hotel that was necessary to connect a major road to Celebration Pointe, then reflag and renovate the hotel. The hotel has been fully renovated, replacing flooring, ceiling, furniture, and fixtures in all the rooms and common areas as well as upgrading the food offerings and adding a bar. The hotel was reflagged to match its new contemporary style, rebranding as hōm Hotel and Suites Trademark Collection by Wyndham.

For more information about the hotel, visit https://homatcelebrationpointe.com/

Key Points

  • The Sponsor purchased the property in July of 2017 in order to connect SW 43rd Street to Celebration Pointe, a 160-acre mixed use facility primarily owned and operated by the sponsor.
  • Since that time, the property has been renovated and re-branded from Holiday Inn Express to hōm Hotel and Suites, a Wyndham Trademark Collection. The renovations included updated lighting, fixtures, flooring, and food options, for the hotel rooms, lobby, hallways, and lounge area.
  • Renovations were completed in January 2019 and the rebranding became official in July 2018.
  • Pre-renovations, the hotel operated at 75% average occupancy and projections show the property reaching pre-renovation occupancy numbers by 2020.
  • The Property is located just west of the I-75 Archer Road exit with high visibility from the interstate. The hotel is contiguous to Cracker Barrel Restaurant and Celebration Pointe.
  • Celebration Pointe offers a new-to-the-market mixed-use development that includes 160 acres of retail, restaurants, office and residential. Regal Cinema, Nike, Tommy Hilfiger, Palmetto Moon Southern Apparel, Kilwins Specialty Sweets, Decadent A Coffee and Dessert Bar, Midici The Neapolitan Pizza, Miller’s Ale House, Starbucks and Azulene Day Spa are among the retail stores and restaurants currently open at Celebration Pointe.
  • The University of Florida and Sante Fe College are both within close proximity to the hotel with 75,000 students and 26 athletic teams. The University of Florida athletics has 24 recognized National Championships since 2000 and has been ranked in the top 5 of the NCAA Division 1 all-sports rankings since 2007.

Offered By

Viking Companies

Viking Companies

Gainesville, FL

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Assets Under
Management

Currently
$205MM 20+ assets
Exited
$33.25MM less than 10 assets
Portfolio LTV
62%  
Historical
Realized Returns

Total IRR
22%  
Equity Multiple
2.3x  
Annual Cash
11%  
Years Of
Experience

As Principals
15+ years  
In Business
15 years  
Size
14 Staff  
* All information is reported by Viking Companies as of 1/28/2019.
Assets Under
Management

Currently
$205MM 20+ assets
Exited
$33.25MM less than 10 assets
Portfolio LTV
62%  
Historical
Returns

Total IRR
22%  
Equity Multiple
2.3x  
Annual Cash
11%  
Years Of
Experience

As Principals
15+ years  
In Business
15 years  
Size
14 Staff  
* All information is reported by Viking Companies as of 1/28/2019.

Financials

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Offering Financial

Sponsor Diligence Report

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Diligence Preview

Location Details

Gainesville, FL

The property is located off of Archer Road just west of I-75 in Alachua County, Gainesville FL. The hotel is contiguous to Cracker Barrel Restaurant and Celebration Pointe, a 160 acre mixed use project with retail stores and restaurants such as Bass Pro Shops, Nike, Regal Cinema, and Millers Ale House open currently. The property also has close proximity to the University of Florida and Sante Fe College with 75,000 students.

Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

43rd Street Hotel Partners LLC (the “Company”), an affiliate of Viking Companies, acquired the project in July 2017. The Company subsequently contracted Archer Road Management Inc, a 3rd party hotel consultant, to help fund, advise, hire and manage the renovations and the construction team.

The initial acquisition price was $11,500,000 but a sale to the Celebration Pointe Community Development District for road right of way and storm water area reduced our cost to $9,100,000.

The Sponsor’s initial investment was $991,087.

Iceberg Capital Partners II is a 3rd party to the project and provides the 2nd mortgage debt.

The Company has not yet contributed any additional capital. However, a contract of $4,500,000 has accrued to Archer Road Management Inc. who helped fund, advise, hire and manage the renovations and construction.

The $4,500,000 in equity to be raised will meet the Project’s obligations to Archer Road Management Inc per the contract.

A Contributing Member is a Member of The Company, including an Investor, who has contributed capital to the Company. The Sponsor has contributed $991,087 capital and the new equity being raised will total $4,500,000 of contributed capital.

The Sponsor will not receive any cash out in the initial recapitalization transaction. However, going forward, the Sponsor will be considered a Contributing Member (as well as sponsor). The Sponsor’s equity of $991,087 will be treated pari passu to the $4,500,000 equity raised ($5,491,087 Total Equity) in all distributions to the Contributing Members.

The funding deadline for this opportunity is April 10, 2019.

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