Larry Messinger

Lake Elsinore, CA (USA)
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Myriad8, Inc.

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Location: Lake Elsinore
Industry: Consulting
Year Founded: 1998
Number Employees: 1-10 people
Description: The property that is being purchased is located in heart of Palm Springs, CA. It is located on one of the main drives of Palm Springs known as Indian Canyon Drive. It is a short walk to the Casino, shops, nightlife and restaurants. Palm Springs is known for its beautiful climate and surroundings all year long. Morningside is set on private gated grounds and has been a clothing optional resort for over twelve years. This intimate 12 room hideaway resort (with one room being converted to a massage room) is a favorite for those seeking seclusion and relaxation. At the present time is has an extensive data base of over 2500 past and current clients that have stayed at the resort since it was founded. The resort is currently for sale because the present owner has moved to Kansas to work with troubled children and prefers to dedicate the rest of his life to this. INVESTMENT The following are the terms the resort is being purchased on: The agreed selling price of the Resort is $750,000.00. (Originally $850,000.00.) The equity participation is $550,000.00 and based on that investment, the investor would receive a 30% percentage ownership in the resort. The investors would receive their portion of the profits on an annual basis. The investment of 550,000.00 would be used for the deposit of $350,000.00 to the present owner, $100,000.00 to be put into an escrow/ construction account to completely renovate all the rooms of the property with new carpeting, paint (inside and outside), crown moldings, new beds, linens, end tables, couches, lamps, bathroom remodel, window coverings, flat screen TV’s, patio privacy walls, new cookware, dishes, silverware, etc. in each of the rooms. The balance of the funds would be put into an account for marketing and other general expenses during the start up after the acquisition. Arrangements have been made to purchase these items directly from the Manufactures’ of the products to reduce costs. The investor would also be secured on the property with a First Trust Deed and the present owner would be carrying back a second in the amount of $400,000.00. The second will be for an initial term of 5 years with an option for an additional 3 years at 7%. (with an option for early buyout with no penalty). The second is supplies additionial security for the investor. The exit strategy for the investor would be in 3-5 years, converting the property to traditional financing at that time and paying off the existing first and second. MANAGEMENT After the purchase of Morningside, the Management team with consist of Larry Messinger, Robin Johnson and Ed Carver. Larry Messinger has combined experience in executive management and marketing for the last 20 years. He has worked as a Vice President of Union Bank and Great Western Savings and Loan, Management Consulting for George S. May Company and International Profits associates (hospitality industy), President of Nuetel Telecom and over the past few years as Vice President of Sales for A Canadian Phone Company. Robin Johnson has worked in Customer Service for over 20 years and is currently a procurement specialist for over 10 years having been awarded contracts from Boeing, Lockheed Martin, and Airbus. She has both Managerial and Human Resource experience dealing with personnel and benefit issues. Ed Carver has been a licensed General Contractor (License#492983) for many years and has over twenty years experience in the management of small hotels and resorts. Upon the successful acquisition of the resort, Larry Messinger will be moving to the facility and be occupying the owners unit to be an onsite manager and owner of the property. MARKETING The marketing program for the resort will consist of the following: • Morningside is a member of good standing of the American Association for Nude Recreation (AANR). AANR has been contacted and it has been determined that their resources re available to advertise for membership in North America, Canada and some International Destinations. A good portion of these members travel to California to frequent the clothing optional resorts. • Market to other resorts in the California. The Southern California Market that is comprised of 4 other clothing optional resorts with their combined membership exceeding six thousand members. • A new website will be created and entered into all search engines so that Morningside will be seen by the public. • Revamp the current reservation system to include promotional discounts and giveaways. • E-mailing current data base with promotional offers with invitations and incentives to visit the resort. • Special Monthly events will be added such as Wine Tasting weekends from local wineries with local musicians. • Catered Sunday Brunches • Charity Events • Promote Day use by local residents in the Coachella Valley by use of Newspapers and Publications. • Create golf packages by establishing alliances with local golf courses. • Establish various massage packages Through the use of items mentioned above and strong leadership, Morningside will become one of the premier clothing resorts not only in Palm Springs but throughout North America. Please feel free to contact me at anytime should have any questions regarding this project.