Announces New "You Have Choices Program"
Owners have options
when selling hotel and motel properties.
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
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.
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.
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.
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.
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
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.
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.