Redevelopment of the Historic Dew Drop Inn

[Ryan Thomas]

Investment Info:

Other commercial investment investment in New Orleans.

Purchase price: $522,250
Cash invested: $233,200

14 boutique style hotel rooms, bar and restaurant, Live Performance Venue, Pool and Gift shop. Invest in our crowdfunding campaign from $100! Visit our website to learn all the details www.dewdropnola.com

What made you interested in investing in this type of deal?

Originally, I was simply looking for a building I could operate Airbnb units in. I accidentally found this old historic hotel driving down the same street I've drove over the past 2 years. I immediately fell in love! It had everything I was looking for, could be zoned as a hotel, qualifies for Historic Tax Credits, has lots of history, and room for 14 airbnb units! Not to mention it was big, beat up, and in terrible shape!

How did you find this deal and how did you negotiate it?

After passing by it one day, I went home and googled everything I could about it. From the stories of Ray Charles "seeing" people outside, to Little Richard playing Tutti Frutti for the very first time, this place has history! After initially seeing it, I found it in the MLS a month later and put in an offer.

How did you finance this deal?

Bridge financing from The Tulsa Real Estate Fund and Crowdfunding for the Equity portion

How did you add value to the deal?

We are implementing a $2,600,000 redevelopment plan to modernize the property and set it up for future generations.

What was the outcome?

In progress

Lessons learned? Challenges?

Never give up no matter how tough the obstacles may seem.