We have reviewed some specific hotels and properties in the DC, VA and MD regions and developed a 150-page business and marketing plan as a template for other regions. Our broker of record in Washington, DC is Margaret Heimbold of Long and Foster with assistance from Bill Moyer (veteran) at Donohoe Real Estate Services. Antwain Thomas (veteran) is our CFO in the city along with several other key partners.
A key hotel became available in downtown recently that we inspected and desired, but the asking price was not backed by the P&L of three years to meet the proposed debt service. Such can often be the case, in these issues, the seller feels the property is worth $90m but their P&L for three years+ is 2m per annum.