Past Projects
ROI
Cardinal Development is in the business of identifying and capitalizing on promising opportunities. Once identified, each opportunity undergoes a thorough evaluation using our proprietary 10-Step Process. This rigorous assessment ensures that only the most promising properties are considered for acquisition.
Cardinal Development’s 10-Step Process
Cardinal Development is a Real Estate Development Company specializing in:
1. Market Research and Analysis
2. Strategic Planning
3. Innovative Design and Amenities
4. Portfolio Management
5. Financial management
6. Operational Excellence
7. Risk Mitigation
8. Talent Development
9. Adaptability and Innovation
10. Community Engagement
Fireside Inn – Auburn, Maine
Cardinal Development acquired this underperforming, 100-Room hospitality property in 2017. Cardinal quickly turned this property around, primarily by: investing in and upgrading the property (which allowed for higher room rates); hiring a new, motivated, go-getter GM; aggressively pursuing local area and trucking business; improving sales and marketing; and better leveraging the use of OTA’s.
In early 2019, Cardinal sold off a portion of this property to a land developer who quickly built and leased out to several retail and food establishments, including Dunkin. Later that year, Cardinal converted this property into a dual-branded, flagged property – Quality Inn & Suites and EconoLodge. Revenues and profits expanded significantly again after this conversion.
In 2023, Cardinal Sold This High-Performing Property For A Total ROI Of 18X
Royalty Inn – Gorham, New Hampshire
Cardinal Development acquired this 88-Room hospitality property, and full-function fitness club, in 2013. Shortly thereafter, Cardinal increased hospitality revenues primarily by: investing in and upgrading the property (which allowed for higher room rates); hiring a new, entrepreneurial GM; aggressively pursuing and developing the ATV and hiking hospitality markets; and aggressive management of room rates.
In 2019, Cardinal converted this property into a dual-branded, flagged property – Quality Inn & Suites and Rodeway Inn. Revenues and profits continued to expand at a significant rate post conversion.
In 2023, Cardinal Sold This High-Performing Property For A Total ROI Of 5X
Casco Bay Inn – Freeport, Maine
Cardinal Development initially leased this poorly performing 49-Room hospitality property, prior to its acquisition in 2022. Cardinal immediately negotiated a service contract with the State Of Maine’s Department Of Health And Human Services, in order to help them meet the needs of their General Assistance Program. This quickly led to a 4-fold increase in revenues. Cardinal used the excess cash flow resulting from this service contract to fund the down payment for this acquisition.
Cardinal sold this property less than two years later for a total ROI of 8X.
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