Hyatt House Development Site - Mishawaka, IN
Hyatt House Development Site - Mishawaka, IN
HREC Investment Advisors (“HREC IA”) is pleased to present to qualified investors the opportunity to become an equity partner in the ±3.2-acre, Hyatt House Hotel Development Site (“Site” or “Property”) situated in a prime, downtown, river-view location at Main Street Island Park, Mishawaka, Indiana.
Revere is an invite-only digital network and deal marketplace for commercial real estate professionals, with $50 billion in deal volume launched this year.
Connect with 50,000+ professionals today
- Property Type
- Hotel & HospitalityLand
- Deal Type
- Development
- Risk Profile
- Value-AddOpportunistic
EXECUTIVE SUMMARY:
Proxima Management is seeking a joint venture partner to acquire a fully-entitled riverfront site and develop a 122-room Hyatt House in downtown Mishawaka, IN. The site is located adjacent to the police station and in a prime downtown location. It would be the only hotel in downtown Mishawaka and feature a restaurant and bar with prime riverfront views. The total cost including land, construction, and start-up expenses is close to $21 million. Proxima has identified local lenders interested in financing the construction, including one who has provided a favorable term sheet. Total equity needed is between $5-$7 million. The city of Mishawaka is still evaluating the size and form of incentives, which could reduce the equity needed to the lower end of the range.