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TAPESTRY HOSPITALITY, LLC

TAPESTRY HOSPITALITY, LLC

Tapestry affiliates have owned and operated numerous hotels.  Currently, the company is pursuing adaptive reuse opportunities for conversion to assisted living, memory care, rehabilitation services and adult day care.

Tapestry is also converting hotels into market rate rental apartments, which are generally more affordable than competitive new construction properties. The company identifies properties through a network of brokers and works directly with management companies or owners. Affiliated companies have recently purchased branded hotels including:

  • Embassy Suites
  • Clarion
  • Holiday Inn
  • Country Inns and Suites
  • Wyndham

Sequence of Events in Adaptive Reuse

·       Preliminary determination of the market for senior or rental conversion

·       Third party feasibility study

·       Pro Forma-Internal

·       Municipal Entitlement analysis

·       Determination of feasibility

·       Lender and financing alternatives

·       Contingent Purchase Agreement

·       Third Party reports including Property Condition Report and Phase 1 Environmental Report

·       Detailed financial analysis

·       Municipal approval process initiated

·       Financing initiated

·       Architectural and engineering drawings initiated

·       Due diligence completed including municipal, financing, budgets and drawings

·       Closing

·       Construction by a local third party builder

·       Pre-marketing by Tapestry Management, LLC

·       Construction completion

·       Continued Tapestry marketing and management until project stabilization