Wyvern Hotel

Wyvern Hotel
Punta Gorda, Florida
Confidential Investment Opportunity
Wyvern Hotel :: Punta Gorda, Florida
Investment Overview
Property Overview
As exclusive agent, the CB Richard Ellis Hotel Group is pleased to
present the opportunity to invest in the new upscale Wyvern Hotel,
a 63-room independent boutique hotel on Charlotte Harbor/Punta
Gorda, FL (the “Property” or “Hotel”), www.thewyvernhotel.com. This
unique full-service boutique hotel opened in December 2008. The
property immediately began penetrating the coastal market and will
outperform its competitive set for many years to come.
Guestroom Types
Ownership seeks either a sale or a partnership co-investment in
order to share the risks and upside of the maturation phase of
the development.
Potentially assumable financing adds tremendous value to the
investment. Balance: $7.0; Term: 15 years; Rate: Prime Rate less 0.5%
(adjusts every 5 years); Amortization: 20 years.
Type
Number of Rooms
Superior King
38
Deluxe King
13
Double Double
8
Handicap Accessible
3
Harbor Suite
1
Total Guestrooms
63
Construction Date:
December 2008
Site Area:
±0.7 acres
Food & Beverage:
Lulu’s Restaurant; seats 65 guests;
open for breakfast, lunch and dinner
Meeting Facilities:
One meeting room (500 SF)
Guest Amenities:
Lush rooftop pool/lounge (capacity
of 145), fitness center, concierge,
meeting services (capacity of 100)
Parking:
46 surface parking spaces
surrounding the Hotel
Location
•
•
•
•
Located in the village of Punta Gorda with views of Charlotte
Harbor, the property is positioned in the luxury boutique segment.
It is clearly the finest property in the trading area.
Amenities of the property include dramatically oversized guest
rooms (450 SF) an upscale restaurant (Lulu’s) which was
immediately successful, a rooftop pool and nightclub, fitness
center and meeting space to accommodate up to 100.
Punta Gorda is roughly 30 miles north of Fort Myers/Sanibel and
31 miles northwest of Gasparilla/Boca Grande and boasts all of
the leisure attractions of the Gulf Coast of South Florida.
Punta Gorda is located near Sanibel and Captiva, where the old
Florida lifestyle of horse farms, cattle ranches, farms and citrus
groves remain in the rural areas of the County yet only minutes
from sophisticated attractions.
Investment Highlights
•
While the Wyvern is a new property in ramp-up phase, it is already
out-performing its market by a wide margin.
•
Lulu’s, the outstanding in-house restaurant, was an immediate
success and is making significant contribution to cash flow.
•
The Wyvern is clearly superior to its competitors. With oversized
guest rooms, luxury finishes and abundant amenities, the Hotel
provides a competitive advantage and the ability to seek business
from a broad range of individual and group sources.
•
Advantageous assumable financing adds value for at least five
years.
•
Maturation of property’s revenue and NOI base will allow for
ample debt-service coverage in 2010.
•
Strong balance-sheet venture partner may potentially invest in
equity of the partnership as an alternative to a fee simple share.
Market Highlights
•
•
Punta Gorda is part of the Gulf Coast of south Florida and as
such is a perennial tourist destination. Golf, beaches, fishing, the
arts and shopping attract guests to the area.
The Florida South Central segment has been running occupancy
of approximately 46.7% (T-12 12.09) at a rate of $100.79, while
the Wyvern is estimated at 39.6% at $108.48. On a running three
month period, the Wyvern is penetrating occupancy at 107.3%,
ADR at 125.5% and RevPAR at 108.48%.
W y vern Hotel :: Punta Gorda, Florida
Property Performance
Projected Operating Performance
$ in thousands
2010
2011
2012
2013
2014
46.2%
52.7%
56.3%
60.1%
63.3%
$106.68
$118.51
$124.43
$130.67
$134.55
$70.05
$78.53
$85.17
Property Occupancy
Property ADR
Property RevPAR
$49.24
$62.45
Room Revenue
$1,132
$1,435
$1,612
$1,811
$1,958
Total Revenue
$2,722
$3,115
$3,344
$3,597
$3,781
$328
$712
$905
$1,119
$1,275
12.0%
22.9%
27.1%
31.1%
33.7%
Gross Operating Profit (GOP)1
% of Total Revenue
Net Operating Income (NOI)
$84
$487
$671
$875
$1,024
% of Total Revenue
3.1%
15.7%
20.1%
24.3%
27.1%
Source: CBRE / Wyvern Projections
1
GOP includes all departmental revenues and expenses, as well as undistributed expenses and management fees - which are split between A&G and F&B.
Competitive
Map Gorda, FL
Wyvern
Hotel - Punta
Comparables
55
33
22
66
BLVD
PEACHLAND
PEACHLAND
BLVD
BLVD
BLVD
PEACHLAND
PEACHLAND
PEACHLAND BLVD
SANDHILL
SANDHILL
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BLVD
SANDHILL BLVD
BLVD
SANDHILL
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LOVELAND
BLVD
BLVD
LOVELAND BLVD
BEACO
BEA
BEA
CON
CO
CO
BEA
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N
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Charlotte
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N
N
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IC
IC
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CA
C
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C
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ORLANDO
ORLANDO
ORLANDO
BLVD
BLVD
ORLANDO
ORLANDO
ORLANDO BLVD
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BLVD
BLVD
Harold
Avenue
Ballfields
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Harold
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Ballfields
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Harold
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Harold
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Kings
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Kings
Gate
Kings
Gate
Kings
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Country
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Club
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Country
Country
RAMPART BLVD
BLVD
RAMPART
RAMPART
BLVD
BLVD
RAMPART
RAMPART
RAMPART
BLVD
BLVD
MIDWAY
BLVD
MIDWAY
MIDWAY BLVD
BLVD
MIDWAY
BLVD
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Cc
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Charlotte
Port
Charlotte
Port
Charlotte
Port
Charlotte
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Golf
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Cc
Golf
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Cc
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AndCc
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ABANDONED
ABANDONED COUNTY
ABANDONED
COUNTY
COUNTY LANDFILL
LANDFILL
ABANDONED
LANDFILL RD
ABANDONED
ABANDONED
COUNTY
RD
COUNTY
COUNTY
LANDFILL
LANDFILL
RD
RD
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BEACON
DR
DR
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OLEAN BLVD
OLEAN
BLVD
BLVD
OLEAN
BLVD
OLEAN
OLEAN
BLVD
Comparables
1. Best Western Waterfront
ELMIRA
BLVD
BLVD
ELMIRA BLVD
ELMIRA
BLVD
ELMIRA
BLVD
ELMIRA
44
2. Hampton Inn Port Charlotte
COUNTY
COUNTY
HWY
HWY
776
776
COUNTY
HWY
COUNTY HWY
776
COUNTY
HWY 776
776
3. Holiday Inn Express & Suites Port Charlotte
Charlotte
Charlotte
Harbor
Harbor
BB
BB
BA
A
B
A
AY
YY
A
A
YY
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H
HO
H
H
H
O
OR
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O
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D
D
D
D
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4. Microtel Inn & Suites Port Charlotte
COUNTY
776A
776A
COUNTY
776A
HWY 776A
HWY
HWY
COUNTY HWY
776A
HWY
HWY
776A
EDGEWATER
EDGEWATER
DR
DR
EDGEWATER
DR
EDGEWATER DR
EDGEWATER
DR
5. Country Inn & Suites Port Charlotte
6. La Quinta Inn & Suites Port Charlotte
7. Four Points Punta Gorda Harborside
Peace
Peace River
River
Wyvern Hotel - Punta Gorda, FL
77
11
© 2010 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it.
Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
All logos displayed on this map are the property of their respective owners, used solely to indicate that businesses associated with those marks are located in buildings displayed on the map.
All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Claritas, Inc/GDT. MapFiles\Work2010\209533_Fl_MA_cam.wor 1/26/2010
Punta
Punta
Gorda
Gorda
Solana
Solana
Distance Map
Ocala
National
Forest
Ocala
National
Forest
OcalaNational
NationalForest
Forest
Ocala
Ocala
National
Forest
Ocala
National
Forest
Samsula-Spruce Creek
Creek
Samsula-Spruce
Regional Map
De
De Bary
Bary
Lecanto
Lecanto
Gulf
Gulf
of
of
Mexico
Mexico
Atlantic
Atlantic
Ocean
Ocean
Orlando
:
ORLANDOINTL
INTL
ORLANDO
ORLANDO
INTL
INTL
ORLANDO
INTL
ORLANDO
ORLANDO
INTL
Winter Haven
Haven
Winter
:
Tampa
100M
Palm Bay
Bay
Palm
75M
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Bay
Bay
Bay
50M
25M
Port
Port Charlotte
Charlotte
Port St.
St. Lucie
Lucie
Port
Wyvern Hotel - Punta Gorda, FL
Punta
Punta Gorda
Gorda
Lake
Lake
Lake
Lake
Lake
Okeechobee
Okeechobee
Okeechobee
Okeechobee
Punta Gorda
Gorda
Punta
25M
:
PALMBEACH
BEACHINTL
INTL
PALM
BEACH
INTL
PALM
BEACH
INTL
PALM
BEACH
INTL
PALM
PALM
Lehigh
Lehigh Acres
Acres
:
SOUTHWESTFLORIDA
FLORIDAINTL
INTL
SOUTHWEST
FLORIDA
INTL
SOUTHWEST
FLORIDA
INTL
SOUTHWEST
FLORIDA
INTL
SOUTHWEST
50M
75M
Loxahatchee
Loxahatchee
Loxahatchee
Loxahatchee
Loxahatchee
Loxahatchee
Nwr
Nwr
Nwr
Nwr
Nwr
Nwr
Fort Myers
:
Cooper City
City
Cooper
Naples
:
MIAMIINTL
INTL
MIAMI
INTL
MIAMI
MIAMI
INTL
100M
Everglades
Everglades
Everglades
Everglades
Everglades
Everglades
National
Park
National
NationalPark
Park
Park
National
National
National
Miami
Homestead
Homestead
EXCLUSIVE FINANCIAL ADVISOR
Miles
KM
25
40
© 2010 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it.
Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.
You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
All logos displayed on this map are the property of their respective owners, used solely to indicate that businesses associated with those marks are located in buildings displayed on the map.
All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Claritas, Inc/GDT. MapFiles\Work2010\209533_Fl_MA_cam.wor 1/25/2010
33 Arch Street, 28th Floor
Boston, MA 02110
Tel: 617.912.7000
Fax: 617.912.7001
www.cbrehotels.com
Dave McElroy
617.912.7030
[email protected]
Robert Tayler
305.381.6447
[email protected]
Scott Hutchinson
617.912.7089
[email protected]
Lisa Zaranek
407.839.3107
[email protected]
© 2010 CB Richard Ellis Limited, Real Estate Brokerage. The information set out herein (the “Information”) is intended for informational purposes only. CBRE has not verified the Information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or
assume any responsibility or liability of any kind in connection with the Information and the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may
change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE.