Commercial Investment Real Estate March/April 2013 | Page 26

ROBIN’S RESORT
KEEPS IT ALL IN
THE FAMILY
When Roger Langpaul, CCIM, of 360 Real Estate
Services in Clive, Iowa, saw the rustic 6.5-acre Robin’s
Resort on the Lake of the Ozarks shoreline near Osage
Beach, Mo., his fi rst thought was: “Condominiums.”
But that was in 2001, when developers were buying
out small, family-owned resorts and putting up condos
like clockwork.
After spending time at the resort and taking in some
of the most beautiful sunsets imaginable, Langpaul
chose to buck the trend. He purchased the property
as an investment and retained the family-owned resort
structure. Not only has the investment been reward-
ing for Langpaul, but “by Robin’s staying as a [single-
owner] resort, we provide much more of an ongoing
economic benefi t to the city and the surrounding
community,” he says. “Our guests pay a city sales tax
and a lodging tax that stays here in our community.
Our guests also patronize the local restaurants, bars,
entertainment venues, grocery stores, and other retail
services.”
Langpaul has made substantial investment into the
property, including two condo-style buildings contain-
ing a total of 22 units. “We designed the units such
that our exit strategy is to be able to sell these as
condos and continue to rent them in a rental pool,” he
says. In addition, Langpaul added a second swimming
pool, a hot tub, a large covered pavilion for guest use,
and three new docks.
The resort continues to offer a family-oriented
environment with events such as spring and fall fi sh-
ing tournaments and golf packages. Guest service
is a critical aspect of the ongoing operational policy.
“Robin’s Resort may not be part of the Marriott or
Hyatt fl ags, but there is absolutely no reason that our
guests should not get that level of service while they
are here,” he says.
The resort’s gross income “has more than doubled”
in the 12 years since Langpaul bought the property.
Overall, the investment in a seasonal tourist area has
been a win-win for Langpaul and the local market. “We
have a long-term business plan that complements and
benefi ts the surrounding community.”
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March | April | 2013
Audubon Building at 931 Canal Street was no worse for
wear af er the storm hit. Originally built in 1909, the prop-
erty served as of ce space with ground-f oor retail until
2004 when the interior was demolished. Af er Katrina in
2005, the building remained untouched until 2009, when
Robert Hand, CCIM, SIOR, now president of Louisiana
Commercial Realty in New Orleans, took on the listing,
which had languished unsold for the previous 12 months.
T e gutted eight-story building with no parking was
located on the outskirts of the French Quarter, making it
a prime location for a hospitality investment. But market-
ing the property and convincing a prospective buyer of its
future use was challenging. “Prospective buyers could not
inspect above the f rst two f oors of the property since the
stairs were demolished, there was no electricity, and the
elevator was removed,” Hand says.
But the structural challenges didn’t hamper his mar-
keting strategy. “I developed a short list of existing hotel
owners in the area and contacted each individually. I also
marketed the property regionally and nationally, reach-
ing out to hotel franchisees and national brands,” he says.
“T e tourism market is a tight-knit group and people in
the industry know each other, so you can work through
referrals and centers of inf uence. I had almost 100 people
on my short list and, of those, six made of ers.”
But the deal-clincher resulted from a true act of dedica-
tion that surpasses traditional marketing tactics. “T e last
thing I did was climb out on a ledge 40 feet above Canal
Street to post a large for-sale sign on the building,” Hand
says. “It turns out the sign attracted at least one buyer.”
Hand relied on his CCIM tools and professional net-
work to help streamline the transaction. “I walked poten-
tial buyers through that process of determining if they
could make money of the property. I had already done the
analysis and because of this, potential buyers were able to
determine if this was the right project for them. I prepared
a 30-page marketing presentation that covered everything
a buyer would need to know, including contacts in the city
planning department, architects, historic tax credit attor-
neys, and even research on tourism, including the trend
of tourists f ying in and out of the airport and how much
money they spent on hotel stays. Site To Do Business was
instrumental in providing the demographics.”
Upon securing a buyer, Hand conducted negotiations
with the New Orleans planning department, negotiated
contracts, and helped the buyer receive $2 million in
income from selling historic tax credits. With a total cost
of $45 million dollars to purchase and renovate the prop-
erty, the new owner, Canal Street Lodging LLC, rolled out
T e Saint Hotel in 2012. T e boutique hotel includes 166
luxury rooms on eight f oors adjacent to the city’s Canal
Street streetcar line and a short walk from the French
Quarter.
Commercial Investment Real Estate