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OPMC
Announces New "You Have Choices Program" Wildwood By-the-Sea, March 25, 2004: Ocean Property Management Corporation, a Wildwood, NJ hotel and condominium management firm, has announced its new "You Have Choices" program for conversion and sale of hotel and motel properties. The program will save many of the resort's great hospitality properties and provide more jobs and income for area businesses than quick but less profitable sales to developers for demolition. Until now, motel owners may have lost a million dollars or more when they sold their properties to developers for demolition. As a result, beautiful and historically significant "Wildwoods Style" motel properties that have attracted national attention are being torn down at a record rate and replaced by hundreds of look-alike townhouses to the detriment of the resort and the selling owners. The Ocean Property Management "You Have Choices" program provides needed alternatives.
CHOICE ONE in the Ocean Property program is condominium conversion and sale. Condominium motels and hotels are "hot properties" at this time and they provide a more profitable option in most cases. With this option, owners sell to multiple buyers at a greater profit. Ocean Property handles the work involved in changing the form of ownership, marketing and selling the units, manage the condominium association and operate the condominium-hotel for the new owners. The selling owner receives payments as each unit is sold. This is a very attractive alternative since the selling price of a condominium motel or hotel to multiple buyers is usually much higher than the selling price to a single buyer. With this option, owners may also decide to retain some percentage of the units for long-term income. There are many variations of this type of sale to meet the needs of most sellers. CHOICE TWO is sale to groups of investors interested in purchasing and renovating hotels. The area is attracting investors as the convention center and spring and fall events extend the resort's season. Investment groups pool funds for purchases and provide capital to renovate and reposition properties for resale or long-term income. Ocean Property solicits the investors, creates and manages the investing entity, and operates the property for the investment group. Again, the "Choices" program gives the current owner an opportunity to sell at a higher price than would otherwise be possible when selling to a single buyer or a developer. CHOICE THREE is renovation and contract management for the present owner, for increased income and future sale. With incentive zoning in a hotel district, as proposed by the Greater Wildwoods Hotel Motel Association and the Doo Wop Preservation League, it will be possible for current owners to expand units, add units and meeting areas and otherwise modernize their properties as year round profitable businesses. Ocean Property will manage the conversion while retaining a multiple year management contract. The owner receives more income from the managed property with little or no personal responsibility for day-to-day operation, and a higher price when the building is later sold. OPMC prepares business plans and budgets needed to obtain financing, manages the conversion with a team of professionals and provides full service turn key management of the renovated property. Ocean Property is one of the few companies managing both condominiums and hotels in southern New Jersey so the firm is uniquely qualified to develop and manage condominium hotel conversions. They have experienced hotel professionals, an in-house real estate broker, and experienced property managers to prepare business plans for conversion, syndication, operation and sale of motel and hotel investment properties. Ocean Property does all work directly or through partnering agreements the firm has established with area attorneys, architects and realtors specializing in this field. When announcing the program, company president Carolyn MacElrevey noted the "You Have Choices" program is a win-win option for the owner, the resort and vacationers who come to the Wildwoods every year. "The motels and hotels continue to operate, the character of the Wildwoods is preserved, and owners make significantly greater profits on the sale or conversion of their properties," Carolyn said. Owners should call Ocean Property Management Corporation for no-obligation consultation and analysis of their property and the choices available for owners selling lodging properties in this very active commercial real estate market. |
