WOWIO, INC. Signs Letter of Intent to Acquire 55% of Presidential Mountain Resort, LLC
December 06, 2018 09:45 ET | Source: Wowio, Inc.
250 acre site with at least 70 log cabins and an approved Hilton Homewood Suites Hotel
Henderson, NV, Dec. 06, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The Company” has signed a binding letter of intent to acquire 55% of Presidential Mountain Resort, LLC that owns “The Brookwood Recreational Resort”, a magnificent 250 acre vacation resort nestled in the famous White Mountains of New Hampshire.
In addition to high end log cabins, the resort will include a Hilton Homewood Suites Hotel. The permits and contracts for this hotel have been approved by both the Town and by Hilton. The franchise fee has been paid and architectural plans are nearly complete. Construction is scheduled to start early 2019. This will be an 85 key “all suite, family friendly” hotel with full kitchens in the rooms. The hotel will include additional facilities not usual in the standard Homewood, such as a larger soft seating lounge area with a Bar, large arcade room, a convenience store double the usual size, larger pool and a magnificent vaulted ceiling and double wide fireplace in the reception area.
Over the past several months, the property has been further developed bringing the facility to a cash flowing opportunity. Since last year’s MAI (Member of the Appraisal institute) appraisal, the property’s value has improved and is today worth in excess of $4 million dollars. Projected revenues prior to the opening of the hotel are expected to be much greater than the value of the property. The Company plans to have non-dilutive construction finance of over $17 million dollars secured to cover the development costs of the resort and hotel within the next 30 days.
The resort is situated ten minutes from the home of Bretton Woods, the largest ski area in the northeast, and Cannon Mountain, one of the oldest ski areas in North America. The world class skiing and winter sports conditions are so good that the US Olympic team built their training facilities there.
This site is blessed with a wide variety of terrain and natural fauna, mountains and ravines with beautiful views of the White Mountains. The “high class” log cabins with real stone fireplaces are extremely comfortable and the resort boasts an Olympic sized pool, a large lake, fully stocked natural trout pond, natural snow tubing slide as well as the 8+ mile GPS professional ski and bike trails going through the property. The facility also gains access to the national ski mobile network for club members to use. Ski and bike equipment rentals will be offered as an additional income opportunity.
Tony Anish, CEO of Wowio, Inc., stated, “This project has been developed beautifully up to now by the current owner who will continue to develop and manage the project. Wowio will add some financial expertise and will arrange the construction and long-term financing. Currently a handful of cabins and a motel building with seven suites are ready to open. Additional development to include three to four cabins monthly will be added before the winter season is complete."
"The website for the resort, showing a full description of the property and its surrounding area is now being completed. This is truly a magnificent resort and its potential is staggering. The entire facility operations will be professionally managed by one of the most knowledgeable and experienced management companies in the industry."
Tony Anish further continued: “We are so excited to be a part of this project. Combining this project with our home building in central California will generate significant revenues for the group. We continue to look for further opportunities and plan more expansion in the coming months. The financial statements are expected to be completed in the next few days. Stay Tuned, there is much more information to come.”
