The family that builds together wins together: Sweat eqyuity helps create a Staybridge for the...
Sweat equity helps create a Staybridge for me stauffachers
Building their Staybridge Suites has taken longer than managing partners John and Ann Stauffacher expected. Rest assured, however; that when this
"We were projecting a construction period similar to a Holiday Inn Express, and I don't know whether that was really fair," Stauffacher says, predicting an opening date of March 5 to March 7.
The Stauffachers have a special stake in this extended-stay, business-oriented Bass product. Not only is it their first Staybridge, they've built it with the sweat of their brow. They like this kind of work. They like how little they're in debt because of it. And they like how this work provides security.
Appraised at $9.04 million, the Staybridge carries $5.2 million in debt. Family members built the hotel, with some outside help. They also were general contractors. Stauffacher says the appraisal is based on expectations of how the property will do in two to three years: ADR of $95-$100 and 76-percent occupancy.
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