{"id":17,"date":"2016-11-02T00:44:40","date_gmt":"2016-11-02T00:44:40","guid":{"rendered":"http:\/\/www.lennoxcpllc.com\/?page_id=17"},"modified":"2023-01-13T09:24:16","modified_gmt":"2023-01-13T17:24:16","slug":"case-studies","status":"publish","type":"page","link":"https:\/\/www.lennoxcpllc.com\/about-us\/case-studies\/","title":{"rendered":"Case Studies"},"content":{"rendered":"<p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; background_color=&#8221;#f0ece6&#8243; css_animation=&#8221;&#8221; css=&#8221;.vc_custom_1478166918105{padding-top: 60px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h5>COURTYARD BY MARRIOTT, St. Louis, MO<\/h5>\n<p>[\/vc_column_text][vc_separator type=&#8221;small&#8221; position=&#8221;left&#8221; down=&#8221;0&#8243;][vc_row_inner row_type=&#8221;expandable&#8221; text_align=&#8221;left&#8221; background_color=&#8221;#f0ece6&#8243; more_button_label=&#8221; &#8221; less_button_label=&#8221; &#8221; color=&#8221;#f26950&#8243; expandable_content_top_padding=&#8221;0&#8243; el_class=&#8221;row-casestudy&#8221;][vc_column_inner][layerslider_vc id=&#8221;1&#8243;][vc_separator type=&#8221;transparent&#8221; down=&#8221;20&#8243;][vc_column_text el_class=&#8221;text&#8221;]<strong>ABOUT THIS PROJECT<\/strong><\/p>\n<p>In May 2014, Pat Lowery and Jeff Barone acquired the fee interest in the historic Hotel Lennox out of foreclosure (following a failed $30M+ redevelopment of the building in 2002) after a strenuous two-year negotiation with bond holders and city\/state officials.\u00a0 The value add project included amending a TIF, two tax incentive districts, a new long term parking lease, securing 10 year tax abatement, and structuring State and Federal Historic Tax Credits.<\/p>\n<p>Following the acquisition, Barone and Lowery fully redeveloped the shuttered, 24 story Federally registered building.\u00a0 The complete redevelopment included converting the building to the popular Courtyard by Marriott select service brand to optimize the operating model and leverage the brand distribution.\u00a0 Additionally, the hotel was custom designed with a mid-century modern feel to complement the historic elements of the building and provide guests with a more modern, design forward experience. The project was completed on schedule and under budget, and less than 1-year after opening the hotel investors were paid their initial preferred coupon and received their allocated Federal Historic Tax Credit (which represented 39% of their initial investment).<\/p>\n<p>The hotel\u2019s location is widely considered one of the best in downtown St. Louis as it is the only hotel that is connected to Convention Center and on Washington Avenue, the popular entertainment and nightlife district.\u00a0 Capitalizing on the hotel\u2019s preferred location, superior room product, and optimized operating model and brand, the Courtyard is on track to exceed year one\u2019s original underwritten market share and NOI.[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;20&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/4&#8243;][vc_column_text]<\/p>\n<div><strong>OPPORTUNITY<\/strong><\/div>\n<ul>\n<li>Complicated, multiparty transaction that involved a foreclosure, amending a TIF, and two incentive districts<\/li>\n<li>Extremely well located as the only hotel in St. Louis connected to the Convention Center<\/li>\n<li>Federally registered historic building that had received a $30M+ renovation in 2002<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/4&#8243;][vc_column_text]<\/p>\n<div><strong>VALUE ADDED<\/strong><\/div>\n<ul>\n<li>Off market transaction through Sponsor\u2019s strong relationship with Seller\u2019s representative<\/li>\n<li>Successful structuring of Federal and State Historic tax credits to materially reduce the project\u2019s basis<\/li>\n<li>Fully redeveloped the building on schedule and under budget<\/li>\n<li>Optimized the operating model and brand with Courtyard by Marriott<\/li>\n<li>Investors paid their preferred coupon and received their allocated Federal Historic Tax Credit less than 1-year after opening.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/4&#8243;][vc_column_text]<\/p>\n<div><strong>LOCATION<br \/>\n<\/strong>Downtown\/Convention Center<\/div>\n<div><strong><br \/>\nDESCRIPTION<br \/>\n<\/strong>Boutique Hotel<\/div>\n<div><strong><br \/>\nFACILITIES<br \/>\n<\/strong>165 rooms, Bistro, Fitness Ctr<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/4&#8243;][vc_column_text]<\/p>\n<div><strong>ACQUIRED<br \/>\n<\/strong>May-2014<\/div>\n<div><strong><br \/>\nTOTAL INVESTED<br \/>\n<\/strong>$22 million<\/div>\n<div><strong><br \/>\nEQUITY INVESTED<br \/>\n<\/strong>$7.5 million<\/div>\n<div><strong><br \/>\nGROSS RETURN<br \/>\n<\/strong>Projected in excess of 20%+<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner][vc_column_text]<span style=\"color: #f26950;\"><a style=\"color: #f26950;\" href=\"https:\/\/www.marriott.com\/en-us\/hotels\/stldw-courtyard-st-louis-downtown-convention-center\/overview\/?scid=f2ae0541-1279-4f24-b197-a979c79310b0\">VIEW THE WEBSITE<\/a><\/span>[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;60&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; background_color=&#8221;#ffffff&#8221; css_animation=&#8221;&#8221; css=&#8221;.vc_custom_1479359586993{padding-top: 60px !important;padding-bottom: 0px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h5>THE CARLYLE, New York, NY<\/h5>\n<p>[\/vc_column_text][vc_separator type=&#8221;small&#8221; position=&#8221;left&#8221; down=&#8221;0&#8243;][vc_row_inner row_type=&#8221;expandable&#8221; text_align=&#8221;left&#8221; background_color=&#8221;#ffffff&#8221; more_button_label=&#8221; &#8221; less_button_label=&#8221; &#8221; color=&#8221;#f26950&#8243; expandable_content_top_padding=&#8221;0&#8243; el_class=&#8221;row-casestudy&#8221;][vc_column_inner][layerslider_vc id=&#8221;3&#8243;][vc_column_text el_class=&#8221;small-caption&#8221;]<small>*Prior Affiliation Property<\/small>[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;20&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>OPPORTUNITY<\/strong><\/div>\n<ul>\n<li>Under-marketed historical property<\/li>\n<li>Operated by an unsophisticated absentee owner<\/li>\n<li>Hotel in need of a renovation<\/li>\n<li>Unencumbered by brand and management<\/li>\n<li>Excess real estate to monetize<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>VALUE-ADDED STRATEGY<\/strong><\/div>\n<ul>\n<li>Successful rebranding and instilled finer operating procedures<\/li>\n<li>Repositioned guestrooms and public areas through complete renovation<\/li>\n<li>Purchased and renovated coop units to add to hotel inventory<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>LOCATION<br \/>\n<\/strong>Upper East Side, Manhattan<\/div>\n<div><strong>DESCRIPTION<br \/>\n<\/strong>Best in market luxury hotel<\/div>\n<div><strong>ACQUIRED\/SOLD<br \/>\n<\/strong>April -2001\/July &#8211; 2011<\/div>\n<div><strong>FACILITIES<br \/>\n<\/strong>187 guest rooms within a coop structure, 15,000 sf retail, 140-space garage<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner][vc_column_text]<span style=\"color: #f26950;\"><a style=\"color: #f26950;\" href=\"https:\/\/www.rosewoodhotels.com\/en\/the-carlyle-new-york\" target=\"_blank\" rel=\"noopener\">VIEW THE WEBSITE<\/a><\/span>[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;60&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; background_color=&#8221;#f0ece6&#8243; css_animation=&#8221;&#8221; css=&#8221;.vc_custom_1479359162401{padding-top: 60px !important;padding-bottom: 0px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h5>INN OF\u00a0THE ANASAZI\u00a0\u2013 Santa Fe, NM<\/h5>\n<p>[\/vc_column_text][vc_separator type=&#8221;small&#8221; position=&#8221;left&#8221; down=&#8221;0&#8243;][vc_row_inner row_type=&#8221;expandable&#8221; text_align=&#8221;left&#8221; background_color=&#8221;#f0ece6&#8243; more_button_label=&#8221; &#8221; less_button_label=&#8221; &#8221; color=&#8221;#f26950&#8243; expandable_content_top_padding=&#8221;0&#8243; el_class=&#8221;row-casestudy&#8221;][vc_column_inner][layerslider_vc id=&#8221;4&#8243;][vc_column_text el_class=&#8221;small-caption&#8221;]<small>*Prior Affiliation Property<\/small>[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;20&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>OPPORTUNITY<\/strong><\/div>\n<ul>\n<li>Best in market hotel and location<\/li>\n<li>Lack of sophisticated sales and marketing capabilities due to independent management<\/li>\n<li>Hotel in need of a renovation<\/li>\n<li>Unencumbered by brand and management<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>VALUE-ADDED STRATEGY<\/strong><\/div>\n<ul>\n<li>Successful rebranding and implemented stronger sales tactics<\/li>\n<li>Repositioned guestrooms and public areas through complete renovation<\/li>\n<li>Capitalized on exit by selling unencumbered of brand and mgt to strategic trophy Buyer<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<div><strong>LOCATION<br \/>\n<\/strong>Downtown Santa Fe just off the Plaza<\/div>\n<div><strong>DESCRIPTION<br \/>\n<\/strong>Best in market luxury hotel<\/div>\n<div><strong>ACQUIRED\/SOLD<br \/>\n<\/strong>October &#8211; 2005 \/ July &#8211; 2011<\/div>\n<div><strong>FACILITIES<br \/>\n<\/strong>57 guest rooms, 1,100 sqft of mtg space<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner][vc_column_text]<span style=\"color: #f26950;\"><a style=\"color: #f26950;\" href=\"https:\/\/www.rosewoodhotels.com\/en\/inn-of-the-anasazi-santa-fe\" target=\"_blank\" rel=\"noopener\">VIEW THE WEBSITE<\/a><\/span>[\/vc_column_text][vc_separator type=&#8221;transparent&#8221; down=&#8221;60&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;grid&#8221; angled_section=&#8221;no&#8221; text_align=&#8221;left&#8221; background_image_as_pattern=&#8221;without_pattern&#8221; background_color=&#8221;#f0ece6&#8243; css_animation=&#8221;&#8221; css=&#8221;.vc_custom_1478166918105{padding-top: 60px !important;}&#8221;][vc_column][vc_column_text] COURTYARD BY MARRIOTT, St. Louis, MO [\/vc_column_text][vc_separator type=&#8221;small&#8221; position=&#8221;left&#8221; down=&#8221;0&#8243;][vc_row_inner row_type=&#8221;expandable&#8221; text_align=&#8221;left&#8221; background_color=&#8221;#f0ece6&#8243; more_button_label=&#8221; &#8221; less_button_label=&#8221; &#8221; color=&#8221;#f26950&#8243; expandable_content_top_padding=&#8221;0&#8243; el_class=&#8221;row-casestudy&#8221;][vc_column_inner][layerslider_vc id=&#8221;1&#8243;][vc_separator type=&#8221;transparent&#8221; down=&#8221;20&#8243;][vc_column_text el_class=&#8221;text&#8221;]ABOUT THIS PROJECT In May 2014, Pat Lowery and Jeff&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":13,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full_width.php","meta":{"_mi_skip_tracking":false},"_links":{"self":[{"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/pages\/17"}],"collection":[{"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/comments?post=17"}],"version-history":[{"count":2,"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/pages\/17\/revisions"}],"predecessor-version":[{"id":14616,"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/pages\/17\/revisions\/14616"}],"up":[{"embeddable":true,"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/pages\/13"}],"wp:attachment":[{"href":"https:\/\/www.lennoxcpllc.com\/wp-json\/wp\/v2\/media?parent=17"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}