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The David Finney Inn

The David Finney Inn. Business proposal for creation of an Historic inn in New Castle, Delaware. The David Finney Inn Location / Amenities. Location: Historic New Castle, Delaware 10 Minutes from I-95 corridor (south of Delaware Memorial Bridge)

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The David Finney Inn

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  1. The David Finney Inn Business proposal for creation of an Historic inn in New Castle, Delaware

  2. The David Finney Inn Location / Amenities • Location: Historic New Castle, Delaware • 10 Minutes from I-95 corridor (south of Delaware Memorial Bridge) • Philadelphia International Airport: 35 Minutes • 2 hours: DC and NY • 1 hour: Baltimore • Battery Park – 2 miles of paved waterfront walking trails. • Summer concerts in the park (Wednesday nights) • Friday night arts crawl (1st Friday of each month)

  3. David Finney InnBuilding • Historic Structure: Originally built 1685 • Zoning: Historic/Commercial • Building: Brick/Stucco 5,000 ft. / floor (15,000 ft. total) • Fully ADA Compliant • Fully sprinkled • Elevator • Fully functioning kitchen and restaurant – 4,000 sq. ft. • ABCC approved • Landscaped patio with fountain • Off street parking • http://video214.com/play/UxsimFMh44VMtzoud89uOg/s/dark

  4. David Finney InnHistoric Tourist Destination • Historic New Castle, DE – • Dutch – Swedish – Dutch – William Penn • Designated as Delaware’s National Park • 5 Museums within 3 blocks of David Finney Inn • Historic Brandywine Valley: Longwood Gardens, Winterthur, Brandywine River Museum of Art, Hagley Museum, Brandywine Battlefield – within 45 minutes of David Finney Inn • Kalmar Nyckel– Delaware’s Tall Ship – New dock along Delaware River • Annual Events Day in Old New Castle Separation Day Independence Day Art on the Green Annual Antique Show Christmas Tour St. Anthony Day Run Annual Bicycle Race • Historic Court House, State Tourism Office –15,000 estimated number of tourist per year • New Castle City – 30,000 estimated number of tourists per year

  5. THERE ARE CURRENTLY NO HOTELS or Guest Facilities IN THE HISTORIC DISTRICT OF NEW CASTLE • “New Castle needs additional tourist accommodations in the historic district.” – Linda Ratchford, President City Council • “Tourism in New Castle would be greatly enhanced with an Historic Inn in the downtown area.” – Cindy Snyder, Site Supervisor, Historic New Castle Court House/Museum (Operated by State of Delaware) • “A repeated question of the visitors center is ‘Where can I stay in New Castle?’ Having an Historic Inn would support the needs of our current visitors and draw additional visitors to experience our history and extend their visit beyond one day.” – Daniel Citrone, Executive Director, New Castle Historical Society • “The David Finney Inn has always been an integral part of New Castle’s character and history – a destination within a destination. The town would be enhanced with the addition of a working inn.” – David Baldini, Chairman, New Castle Planning and ZoningCommission

  6. David Finney InnProforma Income and Expense Base Case(First year) • Restaurant Income (Rent $5,000/month) $ 60,000 • Apartment Rental (Rent $5,700/month) $ 68,400 • INN • 12 X 185 X 365 X .5 = $405,150 (gross) • EBITDA 38% $153,957 • Cap ex 4% $ 16,206 • Total $137,751 • FIRST YEAR TOTAL $266,151 • NOTES: • Restaurant Income based on est. of historic lease information. • 12 Rooms / ADR $185 / 50% Occupancy – first year • EBITDA – 38% - based on non-urban hotel of public REIT • Cap. Ex. Replacement reserve of 4% based on REIT info.

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