Boulders Inn Manning LLC hosted a ceremonial groundbreaking on the building site to the west of the Hausbarn Konferenz Centre last Friday afternoon. Tim Stuart, a member of the development and ownership group for Boulders Inn and Suites of Denison, said they are all pleased to be seeing this project get underway in such a progressive community.
The process started with an analysis done by the community, which provided results that favored moving forward with the proposal. Stuart said when they look at various cities, they want to align with opportunities to work in conjunction with other properties and projects, such as the Hausbarn. The 32-room Boulders Inn Manning will be their 12th hotel within the state. Boulders currently has 10 that are operational and one that is to be completed late this month. They are also looking forward to another project this spring that will be their first out of the state, in the Maryville, Mo. area. Boulders Inn Manning has an aggressive, six-month construction schedule with an October opening. Stuart says they feel comfortable with this date because of their relationship with their long-time partners; who will begin groundwork in mere days. Stuart said he is fairly confident the construction schedule will go as smoothly as the process of recruiting investors.
Stuart said they target 30 plus percent equity compared to total development cost and they were able to exceed that for the Boulders Inn Manning, their first property in Carroll County.
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