Craft Farms Courtyard
Gulf Shores, Alabama
About the Project
The Courtyard by Marriott Gulf Shores Craft Farms (“Hotel” or “Property”), is a 90-guestroom, “Upscale Chain” hotel located at 3750 Gulf Shores Parkway, Gulf Shores, AL. The Property was originally developed in 1997 by members of the locally based Craft family. The Hotel was built to Generation 3 Courtyard by Marriott specifications. Since the Craft family’s ownership tenure, the Hotel has had three additional owners, including the current owner, 3750 Gulf Shores LP, which is a subsidiary of Driftwood Ventures. The Property was fully renovated in 2012. Further, the Current Owner has spent a total of+/-$1,122,000 (+/-$12,466 per key) in capital improvements over the course of their four years of ownership. As outlined below, the Property will require an additional Property Improvement Plan (“PIP”), which has been incorporated into the Uses of Capital of this Offering.
The Hotel features 90 guestrooms ranging in configuration from Queens, Kings, and King Suites. All guestrooms come equipped with a flat-screen TV, mini fridge, microwave, coffee maker, and complimentary wireless internet. King Suites feature a sofa bed and select rooms feature a balcony.
The Property features an on-site restaurant, “The Bistro,” which has 93-seats and offers breakfast and dinner daily. The Bistro serves specialty beverages made with Starbucks coffee, as well as a variety of beer and wine options in the evening. Additionally, there are numerous fast casual and full-service restaurants located within a short drive of the Property.
Onsite amenities at the Property include a business center, fitness center, seasonal outdoor swimming pool, and guest laundry facilities. In addition, the Hotel has a small sundry shop in the lobby which offers a variety of snacks, drinks and everyday necessities. There may also be the opportunity to add an outdoor firepit area – this has been done on other similar Courtyards.
The Hotel features a 624 square foot meeting room with a capacity of 75-people. The event space can be used for a variety of occasions including leisure and business.
Creation of Development Loan Package and Securing of capital
The property is presently under contract and expecting to close during the 3rd quarter of 2019.