Project Category: Substantial Improvement Property
63 room Best Western Plus Inn and Suites Hotel in Rumford, Maine
Project Qualification: Substantial Improvement PropertyReal Estate: HospitalityTotal Capital Required: $5,500,000Equity Required: $1,500,000Debt Required: $4,000,000Project Control: We own all the key propertyTimeline: 90-180 daysAddress: 50 Prospect Ave Rumford Maine 04276 United States
This proposed 63 room hotel will be the only branded hotel located in the Rumford, Maine area. The nearest flag hotels are 25 miles or more away from the Opportunity Zone where this Best Western hotel will be located. Market studies, financial projections and project appraisals have been completed and all documents are available upon request. Environmental abatement of site and building demo is completed and site is ready for foundations and construction commencement. Pennacook Falls Investments, Ltd has also secured a 10 year tax increment financing from the Municipality and the State of Maine.