FOR IMMEDIATE RELEASE
8/26/2025 – Huntington Beach, CA – Schelin Uldricks & Co., through affiliate Pierside Capital, is pleased to announce that it has successfully closed a follow-on preferred equity placement for the Montreal Beach Resort in Cape May, NJ.
Proceeds from the placement were used to renovate a historic 4,000 sf Victorian-era house that sits at the rear of the property and has been underutilized as seasonal employee housing. Once complete, the house will create four additional guest suites for the 70-key hotel and offer a high-end resort concept with VIP style amenities including a private chef, concierge service, car service for local transit, and preferred dining options. The sponsor was able to get their plans approved with the historical preservation society as well as the local municipality and the construction is currently in process. The renovation includes a complete renovation of the exterior and interior of the house and structural improvements. Due to the project being located in a historical district, many of the materials are custom built so the procurement lead time is longer than a standard rehab project.
“Investors are very selective with their investments especially when it comes to hospitality assets. The quality of the sponsor, business plan, and location fuse to form a very attractive investment opportunity.” Commented Derek Uldricks, co-founder of Schelin Uldricks & Co. & Pierside Capital. “The hotel, at the time of the investment, was operating with strong in-place revenue which made for attractive economics for the new capital.”
The Montreal Beach Resort was built in 1966 and is located at 1025 Beach Avenue in Cape May, New Jersey. The property has unobstructed views of the Atlantic Ocean and was fully renovated in early 2022. Madison Resorts also operates the popular Harry’s Bar and Grille at the site as well as a convenience store & wine cellar that caters to hotel guests as well as public beach goers.