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Goals for Atwood, Kent State University Tuscarawas & The Resort Experience Company-Atwood, LLC Kent State University Tuscarawas to own Atwood Resort 500.

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Presentation on theme: "Goals for Atwood, Kent State University Tuscarawas & The Resort Experience Company-Atwood, LLC Kent State University Tuscarawas to own Atwood Resort 500."— Presentation transcript:

1 Goals for Atwood, Kent State University Tuscarawas & The Resort Experience Company-Atwood, LLC Kent State University Tuscarawas to own Atwood Resort 500 acres and amenities with partners – a long term strategic plan. The Resort Experience Company – Atwood, LLC to implement their Intra- preneurial, License, Leasing, Operating and Marketing protocol plan in JV (public private partnership) with KSUT. Assign KSUT Board members or executive committee to sit with The Resort Experience Company key executives before making final decision and to be sure you clearly understand the balanced plan & Purpose Driven opportunities as well as answer all questions for the public/private relationship with KSUT. Sign Non Circumvent agreements so we can share all of our materials with KSUT especially Licensing, Leasing, Operating, Marketing and Intra-prenurial business model as well as the long term development plans. Review funding options brought to table by The Resort Experience Company, LLC and KSUT to finalize funding and agreement for Atwood.

2 Business Model Impact on Atwood Region Gross Business from $3.4 million to $10 million by 3rd year Jobs growing from 136 high season to 500 over 10 years Jobs growing from 60 to 250 off season over 10 years Tax base increase by over $100 million within 10 years Growth will bring businesses like Rural Logic Growth will bring services like health, restaurants, retail Healthy Atwood improves value of homes now declining Healthy Atwood improve present businesses – marinas, restaurants, gas stations, yacht club memberships etc. Healthy Atwood increases quality of life with our plan All mineral rights wisely invested in resort and resort region could make this the # 1 growth area due to the Resort and resort area improvements – we recommend that up to 50% of mineral rights be shared with investors, KSUT and The Resort Experience Company as long as resort is secure (to be defined by KSUT and partners).

3 Key Tenants Mark Wibel – Wibel Restaurant Group – Restaurant, Sports Bar & Catering John Meeske –Resorts and Clubs, Inc - Resort Hotel Bob Klopfer – Super Fit Fitness Centers – Fitness Center, Wellness, Golf Douglas Ribley – Akron General Wellness & Lifestyle Institute – Wellness Gregg Andrews – KSUT – Education Curriculums (Possibly Entrepreneurism) Tim Maurer – Mukha Medi-Spa and Essentials – Full service Medi-Spa, Carole Meeske / Chuck Cherney – Resorts & Clubs Real Estate Sales Duke Bixler Breitenbach Wine Cellars – Vineyard Wine Room & Retail Brian Valot – Beach Club Rentals, and Marina Services Ron Lavoie – World Class Short Game Golf Practice Facility & Golf Course Possible Golf Villages, Cabin and Villa Developers John Meeske, Mark Wibel & Bob Klopfer – The Resort Experience Company Atwood, LLC - Atwood Licenses & Atwood Protocols (similar to a Franchise)

4 Business Model to Position Atwood to Grow! Grant to upgrade technology - 20 Local equity partners – at $50,000 each, to help build All Resort Mineral rights on 500 acres used to improve resort and resort area - 500 development sites on 500 acres – major jobs and tax impact on area Vineyard Villas for condo rooms – adds 100 rooms to rent (goal 300 rooms) Beach Club for ALL guests, members, owners, at Atwood – permanent easement Public private partnership – KSUT 50% / 20 equity investors & The Resort Experience Company – Atwood, LLC - 50% - SARs for employees Bank escrow account for all leases, land sales, minerals and if necessary air-rights over hotel - Escrow owned 50% public Company 50% Private enterprise Resort hotel and golf course including 160 acres owned by KSUT in JV with Private Operating group. All development property, leases, mineral rights in the escrow to pay off debt and interest on debt. Mineral Rights in escrow to build resort opportunity.

5 Business Model to Grow Atwood cont. Leases covering interest by 2nd year Real estate sales paying down debt service by 2nd year Real estate paying off all debt by 5 th to 7 th year Lease income 1.5 times debt service by year 3 (successful) Lease income 2 times debt service by year 5 (very successful) Occupancy growing from 30% to 55% by 3rd year Occupancy growing to 65 to 70% by 6 th year Use capital of $6 million in grants, equity and loan to upgrade facility, add on facilities and change Business Model Be cash positive by 3rd year form leases and real estate sales

6 The Deal Kent State-Tuscarawas OWN in JV with operating company in a public private partnership Development Property are in escrow to sell 500 sites on the 500 acres Mineral Rights all in escrow for improvements to resort and resort area – great example how minerals creating year around sustainable jobs & taxes TREC-Atwood master lease and TREC-Atwood sub-leases all go to escrow No dividends until all debt paid off then 50% Public 50% private – Public / Private Partnership. Be so successful we add property to existing 500 acres and grow – goal over 2,000 acres Success leads to other similarly situated Ohio resort & club opportunities

7 The Business Model Differences Past Business Model Comparison & Changes New Business Model

8 OWNERSHIP Current Business Model One Owner - MWCD New Business Model 45 growing to 545 Owners – KSUT - 1 – Tenants - 20 – Investors - 20 – The Resort Experience Co - 3 – Property Owners Goal - 500

9 Purpose Driven Resort vs. Leisure Resort Add Programs & Experiences – Increase Occupancy TREC – ATWOOD LLC CONFIDENTIAL INFORMATION

10 Land Sales Current Business Model Zero New Business Model 350 Golf Villas – 3 Golf Villages 50 Tennis Fishing Pond Villas 50 Vineyard Villas 50 to 100 Club Cabins Total 500 Property Owners Goal 600 to 800 Members Land Sales

11 Operating Model Current Business Model Changes with every Management Company and Manager New Business Model Atwood License & Franchise – no Changes without Owner Approval Personalized ClubLevel Service – all 500 owners are members Atwood where every guest wants to be a member &/or owner Operating Model

12 Marketing Model Current Business Model Low priority New Business Model High Priority with 4% of gross to common Marketing Escrow – every tenant on board with key owner representatives – 2 to 4 Electronic Highway signs tied to Front Desk – Micros Clouds Reservation System – Mega Web site – links – Social Media Presence – All Past Guests & Groups – Reintroduce to New Atwood – Marketing board also Atwood Guest/Mmeber Satisfaction Board - – PR PR PR – Birds to lead you to Atwood

13 Leases Current Business Model No Leases New Business Model Goal 20 Leases, Licenses & Contracts – Resort Hotel Lease – Restaurant & Sports Bar + Catering Lease – Medi Spa & Spa Retail Lease – Fitness & Wellness Center Lease – WCGC Golf Practice Facility Lease – Golf Course & Pro-shop Lease – Real Estate Sales Lease – Vineyard and Wine Room Lease – Business Center Lease – KSUT Curriculum Lease – Property Management Lease – 5 to 10 Development Contracts – Wellness License – WCSG Golf Practice License

14 Experiences Current Business Model Basic Leisure Experience – nothing bad, but nothing GREAT New Business Model The Experience Economy Authors from Cleveland own Strategic Horizons Company, have visited Atwood – # 1 Resort meeting experience in Ohio – Best resort restaurant in Midwest – Ohio Sports Bar with most fun experience – Finest resort medi-spa experience in Ohio – # 1 lake resort experience in Ohio – # 1 resort wellness program in Mid- West – 155 Experiences in Area – 52 events in area

15 Occupancy Current Business Model 29% to 34% as Leisure Resort New Business Model 55% to 70% as a Purpose Driven Experience Resort with Tenants tied to The Resort Experience License, Lease & Franchise

16 Meetings Current Business Model Few business meetings due to Low Tech – 10% of business less than 1,000 room nights New Business Model High Tech Corporate Conference Center – 50% of business – goal 8,000 to 12,000 room nights

17 Restaurant Current Business Model One major restaurant and two golf restaurants – gross $1,200,000 with 4% margin before overhead New Business Model Two restaurants – Kitchen in DR for restaurant – Wine & coffee bar room – Ohio Sports Bar – Catering kitchen – Gross $3.5 million 22% margin after overhead – Look of Carrabbas, Out Back & Chichis plus local & wellness

18 Catering Kitchen Current Business Model One Kitchen New Business Model Catering Kitchen focused on all catering for main dining room, weddings, groups and parties within 50 miles of Atwood. Demonstration Kitchen in Dining Room to consistently meet and beat guest expectations with two menus. Wibel trained – Carrabbas, Out Back, Cheeseburger Paradise and Chichis.

19 Menus Current Business Model Three menus in three locations New Business Model Two Menus in one location – Separate Catering focus – Upper middle dining menu – Casual Ohio Sports Bar menu

20 Spa Current Business Model No Spa New Business Model Professional – Medi-Spa, – Spa Retail, – Wedding services, – Beauty Essentials – In existing space

21 Beach Club Current Business Model Nice but nothing Special New Business Model Attraction for Atwood possibly #1 – JV with Atwood Marina -Brian – Canoes – Fishing Boats – Kayaks – Ice Fishing Tents – Pontoon Rentals – House Boat overnight rentals – Tubes – Beach of Sand – Swimming Platform – Docks – Camp Fires – Club House or Tent – 10% to escrow Beach Club

22 Club House Current Business Model Two Golf, no tennis and no Beach Club House New Business Model Resort Hotel Sports Bar becomes - Golf & Fitness Club House plus – Beach Club House – Tennis & Fishing Club – Fitness Club – with WCSG &Wellness – Golf Clubs – Marina Club (not owned) – Yacht Club (separate fee)

23 Fitness Current Business Model Modest hotel type fitness Center New Business Model Professional Fitness Club by Super Fit and Bob Klopfer family – Seasoned veteran - owns 32 centers – WCSG Golf practice License – Akron General Wellness license – Tied to Spa Wing with Spa operator – Fitness Club with different levels of membership

24 Wellness Current Business Model No wellness program New Business Model Akron General Wellness & LifeStyle Institute License – Mid week program year around – Tied to Company Meetings – Tied to Fitness Club – Tied to Spa Wing with Hot Tubs

25 Oil and Gas Current Business Model No Oil New Business Model Mineral Rights all used for Atwood and surrounding activities – Separate escrow for Resort and resort area – Upfront capital used for upgrades – Royalty for upgrades to Resort and Area such as bike trail, Flowers, Trails, History

26 Examples below of a few past Resort Business Model Changes Shanty Creek – Purchased broke, added Hilton, sold to ClubCorp Schuss Mountain – Purchased with stock, merged with SC and sold to CC Quail Hollow – purchased on trigger deal by CC, added Country Club sold Pinehurst – purchased for $15 mill out of C-7, value now $500 million The Villages – from 500 acres to 25,000 acres, the most successful Barton Creek – Bankrupt 1 course 150 rooms to 4 courses & 350 rooms Inverrary Resort & Country Club – added broke hotel to Country Club Homestead – Added capital in first place, development, Club & upgrades Owners Club = Country Club plus Resort plus Experiences = Resort C Club The above are simply examples of the hundreds of resorts we have studied and some of the resorts and resort country clubs we have owned and/or turned around with individual models all different. The key is the license, lease, operating & marketing protocols tied to TREC franchise agreement.

27 Shanty Creek Business Model Two Real Estate Developers Retail at resort Town of 200 owners 3,100 Property Owners (room for 4,000) 6 golf courses, 3hotels/rental management, overall rooms with condos 500+ 3 ski areas Owner Apex Oil Company ($3 billion company) Started at 1,300 acres now 4,000 acres

28 Quail Hollow Business Model Country Club – Club Corp. 600 Property Owners Separate Golf Course for Club Hotel/Resort with Food & Beverage, Meeting site, Two Golf courses 2 Pools 600 plus acres Ownership ClubCorp owns Club and Resort owned by private party

29 Pinehurst Business Model Pinehurst Town – 100 + retail owners 7,200 Property Owners – 15,000 Club Members 800 Rental Units est. 3 Hotels, about 650 rooms total 9 Golf Courses, Mega Spa, 5 Restaurants and Clubs with 15,000 members, 18 clay tennis Cts, Lawn bowling, Professional Croquet Cts, Gross business has reached over $100 million Major site for Tournaments including US Open Retirement Second Home and Primary Residents Billionaire Owner, Bob Dedman, Jr. – Grew from 3,700 to 7,000 acres

30 The Villages Business Model 50,000 golf carts 138 buffalos 70,000 residents (all over 55) Four Charter Schools – and no children live in the Villages – school for employees 20+ Golf courses over 400 holes of golf (several free + name brand courses) Every possible experience & event - 151 soft ball teams, pool club, wellness, Tennis, Polo, Chess, Bridge, largest nightly cocktail parties in Florida etc 10 home sales per day Three town centers – gross over $10 million in cocktail sales per year Most transportation by golf cart – golf cart paths to all destinations Several shopping centers, churches, restaurants, services, health centers No financial discrimination – all residents members of all 20 clubs Grew from bankrupt 500 acre trailer park to 25,000 acre mega retirement resort H. Gary Morse family owned – billion dollar level from zero

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