Case Study - Hawthorne Suites Hotel
Live Oak, Texas
The Hawthorne Suites Hotel in Live Oak, Texas, a suburb of San Antonio, was originally acquired as a note purchased from a bank located in Austin, Texas. The Developer acquired the note and foreclosed on the property in 2011.
The hotel was in need of a significant upgrade at the time of foreclosure, so the developer commenced a 2.7m renovation of the property in phases while continuing to operate the hotel. In the 3 years that the developer owned and operated the hotel, the renovation was completed and revenue was increased by 80%. In 2014, the developer sold the property, and the developer's investors enjoyed a substantial return on their original investment.