The cookie is used to store the user consent for the cookies in the category "Analytics". This cookie is set by GDPR Cookie Consent plugin. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category. These cookies ensure basic functionalities and security features of the website, anonymously. After becoming a REIT, Plymouth will hire John Rutledge's Oxford Hotels & Resorts LLC to manage the properties at a rate of 4 per cent of the gross revenue.Necessary cookies are absolutely essential for the website to function properly. Witherell, a former investment banker who lives in Boston, will continue to be president. Plymouth's directors will all stay on the board of the shell following the QT. To graduate from the shell sector, Plymouth must acquire the hotel in Flemington, but if there is enough investor interest, then Plymouth will acquire the hotels in Niceville and Lenox. If Plymouth's broker comes up short, the shell says it will settle on acquiring the hotel in Niceville and forego the one in Lenox. To pay for these two hotels, Plymouth will take out a mortgage of $13.3-million (U.S.), and it hopes M Partners can round up enough investors to cover the remaining costs. Their hotel earned $1.16-million on revenue of $3.38-million in the year ended Dec. The seller of the hotel in Lenox is Toole Properties 2006 Inc., which belongs to Joseph Toole, a businessman, and his wife, Lynn, a former nurse. According to Oikon's unaudited financials, the hotel in Niceville earned $246,950 on revenue of $1.72-million in the fiscal year ended Dec. He is a former lawyer who owns two hotels, a real estate management company and a gym, Iron Tribe Fitness. The seller of the hotel in Niceville is Oikon Hotels Niceville LLC, an investment company owned by Warren Beason of Alabama. The shell says it would need an extra $7.7-million (U.S.) to pay for renovating and closing costs. Plymouth also plans to acquire a Hampton Inn in Niceville, Fla., and another in Lenox, Mass., for a total of $18.45-million (U.S.) cash. Witherell expects to complete the acquisition of the hotel in Flemington in the first quarter of 2014. The shell also plans to roll back its shares, ratio unstated, and convert into a real estate investment trust following the QT. The shell's broker, M Partners Inc., has agreed to handle the private placement, but the terms have not yet been set. Plymouth plans to take out a mortgage of $6.5-million (U.S.), and pay the rest by selling a private placement. They have provided unaudited financials for the hotel. The Klingermans own more than 1,000 acres of farmland, over 40 Perkins restaurants, three nursing homes and four hotels. The seller is a company called Flemington Investors LP, which is an investment company controlled by JDK Management Inc., which belongs to John Douglas Klingerman and his brother, David. The first, a Hampton Inn in Flemington, N.J., will cost $8.5-million (U.S.) cash, plus the shell expects to pay $1.8-million (U.S.) more in renovating and closing costs. Plymouth has three separate purchase agreements to acquire three Hampton Inn hotels in the United States. Jeffrey Witherell has wasted little time finding a qualifying transaction for his first shell, Plymouth Realty Capital Corp. The TSX Venture Exchange added 4.27 points to 919.56 Wednesday.
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