60-unit hybrid boutique resort refinance

Refinance of a repositioned hospitality asset transformed from a legacy 25-unit roadside motel into a 60-unit hybrid resort combining lodge rooms, rustic cabins, modern cabins, tiny homes, and Airstream-style accommodations, with approximately $7.0 million already deployed by ownership since 2022. Rather than relying on borrower-provided historicals, the study built a market-supported underwriting framework: differentiated ADRs of $176–$248 by unit type producing a blended stabilized ADR of approximately $217, occupancy ramping from 57.0 percent to a stabilized 64.5 percent, and stabilized revenue of approximately $3.19 million with NOI of $1,147,623 after a 2.0 percent reserve allowance — a 36.0 percent margin.