On behalf of the Sponsor, I am seeking financing for the acquisition of the 81 room Wingate Hotel in High Point, NC. The Purchase Price is $5,100,000 ($63,000 per key). The loan request is for 70% of the Purchase Price and any capital improvements totaling $3,500,000.

The Property is currently woefully undermanaged by an inexperienced owner/operator. This is exemplified by the fact that the Property is running at a RevPar index of just 62% of its compset.

Originally built in 2000, the Property is currently running at a breakeven level. The Sponsor is made up of individuals with strong experience with hotel ownersip and operations. The Net Operating Income in 2024 is about $150,000. Once the new management is brought in, the Property is projected to have a stabilized Net Operating Income of $752,000 assuming a RevPar of $67 which compares favorably to the current comp set RevPar of $74.

Please review and let me know if you have any questions or comments. Thanks.