DALLAS, July 2, 2014 /PRNewswire/ --Global Management Resources, LLC (GMR), is pleased to announce the closing of a construction loan with Pride of Austin Capital Partners (POACP). The funds will be used to build a 50 room Super 8 hotel in Stanton TX. This is the second hospitality development for GMR in the Permian Basin.
Midland-Odessa is a very hot real estate market due to the economic growth of the area. Many similar motels in the area are commanding $200 plus a night! The Midland Reporter-Telegram reported on June 5th that the hotels in the Midland area have generated more than $27.6 million between January and March of 2014. That is a 13% increase year over year in the first quarter. If this growth continues, income generation will surpass the 2013 total revenue of $101 million.
"Not only is there a labor shortage in Midland Odessa, there is also a housing and hospitality shortage for all of the people moving to the area or visiting the area for short periods of time," states Robert Buchanan, Managing Partner of POACP.
"We could not be happier with the economic activity and potential we see in the Permian Basin or the experience we had with Pride of Austin Capital Partners," said Brett Norwich, GMR CEO.
David Owen, POACP Managing Partner added, "The Stanton Super 8 project is a perfect example where our creativity and flexibility creates real value for a borrower in today's rigid lending environment. The project is solid, the borrower is solid and the project GC is solid. It is a WIN-WIN!"
About Global Management Resources, LLC - GMR is a privately held merchant bank. It has holdings in Real Estate, hospitality, restaurants, and oil & gas. It specializes in: real estate development; acquisitions and investments in lower middle market companies; and growth capital and M&A advisory services to privately held businesses.
About Pride of Austin Capital Partners, LLC - POACP manages a Regulation D Security that is a private direct lender making loans for real estate acquisition, development and construction projects to borrowers that were traditionally served by the rapidly disappearing community banks. Investors are fleeing Wall Street and seeking out private lenders in which to invest because these types of investments generally return higher yields while lending money against real estate projects that create jobs and help to build local economies in communities across America.
SOURCE Global Management Resources, LLC
