2/2/24 – Huntington Beach, California – Schelin Uldricks & Co. is pleased to announce a follow-on investment with Madison Resorts in the purchase of two hotels in Wildwood Crest, New Jersey. Madison Resorts specializes in acquiring underachieving hotels in resort markets and adding value through renovation, proprietary marketing, wedding sales, and strict expense management. Back in May 2023, through its relationship with Emerson Equity LLC, Schelin Uldricks & Co. sourced a programmatic family office equity partner that provided co-G.P. capital for the acquisition of a 70-key boutique hotel in nearby Cape May, NJ.
The business plan for the two newly acquired hotels includes significant investment to reposition the properties and combine the operations into one reservation system. Totaling 199 keys, the combined towers would represent the largest hotel operation in southern New Jersey.
“This investment further demonstrates our ability to locate and invest in unique assets despite the massive slowdown in acquisition activity due to higher interest rates,” commented Derek Uldricks, Managing Partner. “Our investment is helping Madison Resorts increase the size of its portfolio in southern New Jersey and position them for further growth potential.”
The recently acquired properties include the Oceanfront Motel (110-keys) and the Royal Hawaiian Resort (89-keys). Once renovations are complete the combined properties will be rebranded as Madison Resort Wildwood Crest.
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