Benyam Mulugeta
Palo Alto, CA (USA)
Role(s):
Founder/Owner/Principal
Lake Merritt Hotel
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Startup
Location:
Oakland
Industry:
Hospitality
Year Founded:
2003
Number Employees:
10-50 people
Description:
THE LAKE MERRITT HOTEL PROJECT :
2332 Harrison Ave. Oakland, CA 94612
EXECUTIVE SUMMARY
OBJECTIVE
The purpose of this project is to convert the current Lake Merritt Lodge 156 room SRO residents hotel to 103 room commercial hotel, offering banquet hall, dining, service, commercial kitchen, conference room and other amenities.
SCOPE
The scope of the plan is 12 months
1. Months 1-2
? Finalize architectural drawings
? Finalize Zoning and planning permits
Months 2-11
? Demolition
? Construction
? Finishing
3. Months 10-12
? Launch
? Furnishing
? Marketing
COST
We estimate the project to cost up to $5 million. Mulugeta Development is seeking private or institutional investors, or bank funding to complete construction and renovation, includes carry costs
Note
The future value of the property is estimated to be $18 million. We estimate the average room rent value per night to be $119. Based on this conservative calculation, based on 65% occupancy, we estimate to hotel to generate $250,000 per month. In addition we estimate an income from Halls, offices and banquets to be $45,000.
Benyam Mulugeta
Owner
(URL removed) 407
Palo Alto, Ca 94302
Tel: [<a href="(URL removed)">send me a message</a>]
[<a href="(URL removed)">send me a message</a>]
Mulugeta Development has been in the business of real estate development & acquisitions for the past 25 year. Currently we are in the process of expanding our business with our hospitality venture investing in Hotel & Resort properties and other Income producing Commercial Real Estate. An example of a Boutique Hotel and Resort, Mulugeta Development has secured The Merritt Project to be leading Hospitality properties in the Bay Area.