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The loan is from the federal government and will be paid back by Cary over 20 years. The Crossmans in turn are paying Cary for the loan at a slightly higher interest rate.
I don't know exactly how the loan is secured should the Crossmans not make their payments.
Last edited by SFspiderman; 02-10-2016 at 09:07 AM..
In my opinion there's a of lack of "premium" hotel options around western Wake. I get that this area caters mostly to business travelers, but outside of the Umstead at 400/night, what really is there?
Seems to me like they may have found a good niche.
I was a critic at first, but dang it looks really nice! plus they're going to have a nice restaurant and lounge that we've been told will be very afforadble for local neighbors (unlike the Unstead).
It's a fewblocks from my house, looming forward to visiting!
Unfortunately, the person who owned Belle was really not cut out for owning/managing a restaurant. The Crossmans have years of experience running this type of business so I'm hopeful. I also like their approach of having the rest of the business (restaurant/lounge/happy hour) being accessible and affordable to local neighbors.
I think it's going to work out. fingers crossed!
The hotel also has a lot of potential as a wedding/event venue. Belle was very poorly executed.
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