Carroll Daily Times Herald: Local investment campaign reaches goal
By DOUGLAS BURNS, Staff Writer
Investors and economic development leaders expect an Oct. 1 opening of a 32-room Boulders Inn & Suites in Manning.
Construction is expected to start in April on the two-level hotel complex on 1.5 acres to the west of the Hausbarn Konferenz Centre.
Eighteen west-central Iowa investors collectively have a $790,000 stake in the $2.25 million hotel. Boulders is an investor.
Debt-financing through local lending institutions is expected be part of the financing mix.
“I think this is just typical of a Manning project,” said Ron Reischl, president of Main Street Manning.
In late November, about 40 people, the majority from the Manning area, attended a meeting of prospective investors at Manning’s Timmerman Shelter House where Tim Stuart, a co-owner of Boulders, and Reischl presented information.
Over the next three months, Boulders Inn Manning LLC developed the successful capital campaign.
Reischl announced the completion of the local investment package last Thursday. All investors have at least a $25,000 stake in the hotel, which will be managed by Boulders.
“There’s a lot of excitement in the community to finally have a hotel,” Reischl said.
Advocates see the hotel turning a profit for investors.
But there’s more to it.
They view the hotel as essential to 1,500-resident Manning’s population-defying growth spurt, an amenity that will serve local organizations like Puck Custom Enterprises, Manning Regional Healthcare Center, Ag Processing Co., Plastico, Struve Labs, Spies Fur Co. and Char-Mac Assisted Living facilities.
“We’re not reliant on one sector to get these rooms filled,” said Manning City Administrator Dawn Rohe.
The 32 rooms will include four suites. Guests will find high-definition televisions and a hot breakfast built into the rates. The nightly rate is expected at $99, although that will change with demand, and Boulders is planning to put together weekday packages for area businesses.
Nate Houston, marketing director for Boulders, said the hotel wants to capitalize on the demand in area communities. With new development expected around Templeton Rye Spirits, Boulders spies opportunities to be the hotel of choice for that complex.
“We hope to become the hotel of choice for weddings that are at the Templeton Community Center,” Reischl said.
Additionally, Reischl and Rohe are looking to draw from Des Moines and Omaha, Nebraska, and beyond with businesses looking for a retreat center.
The City of Carroll is within reach for the Manning Boulders, too, company officials and investors say.
The Hausbarn committee is considering strategies to leverage its role as an events center in the region once the hotel is operating.
Denison-based Boulders Inn & Suites, which opened its first hotel in 2008 in the Crawford County seat, now has 10 hotels in Iowa, stretching from Holstein in the northwest to Fort Madison in far southeast Iowa. The hotel group plans to start construction in Maryville, Missouri, in April.
The hotel in Manning will employ seven to eight full-time equivalents.
Link to article and pictures
By DOUGLAS BURNS, Staff Writer
Investors and economic development leaders expect an Oct. 1 opening of a 32-room Boulders Inn & Suites in Manning.
Construction is expected to start in April on the two-level hotel complex on 1.5 acres to the west of the Hausbarn Konferenz Centre.
Eighteen west-central Iowa investors collectively have a $790,000 stake in the $2.25 million hotel. Boulders is an investor.
Debt-financing through local lending institutions is expected be part of the financing mix.
“I think this is just typical of a Manning project,” said Ron Reischl, president of Main Street Manning.
In late November, about 40 people, the majority from the Manning area, attended a meeting of prospective investors at Manning’s Timmerman Shelter House where Tim Stuart, a co-owner of Boulders, and Reischl presented information.
Over the next three months, Boulders Inn Manning LLC developed the successful capital campaign.
Reischl announced the completion of the local investment package last Thursday. All investors have at least a $25,000 stake in the hotel, which will be managed by Boulders.
“There’s a lot of excitement in the community to finally have a hotel,” Reischl said.
Advocates see the hotel turning a profit for investors.
But there’s more to it.
They view the hotel as essential to 1,500-resident Manning’s population-defying growth spurt, an amenity that will serve local organizations like Puck Custom Enterprises, Manning Regional Healthcare Center, Ag Processing Co., Plastico, Struve Labs, Spies Fur Co. and Char-Mac Assisted Living facilities.
“We’re not reliant on one sector to get these rooms filled,” said Manning City Administrator Dawn Rohe.
The 32 rooms will include four suites. Guests will find high-definition televisions and a hot breakfast built into the rates. The nightly rate is expected at $99, although that will change with demand, and Boulders is planning to put together weekday packages for area businesses.
Nate Houston, marketing director for Boulders, said the hotel wants to capitalize on the demand in area communities. With new development expected around Templeton Rye Spirits, Boulders spies opportunities to be the hotel of choice for that complex.
“We hope to become the hotel of choice for weddings that are at the Templeton Community Center,” Reischl said.
Additionally, Reischl and Rohe are looking to draw from Des Moines and Omaha, Nebraska, and beyond with businesses looking for a retreat center.
The City of Carroll is within reach for the Manning Boulders, too, company officials and investors say.
The Hausbarn committee is considering strategies to leverage its role as an events center in the region once the hotel is operating.
Denison-based Boulders Inn & Suites, which opened its first hotel in 2008 in the Crawford County seat, now has 10 hotels in Iowa, stretching from Holstein in the northwest to Fort Madison in far southeast Iowa. The hotel group plans to start construction in Maryville, Missouri, in April.
The hotel in Manning will employ seven to eight full-time equivalents.
Link to article and pictures
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