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The Wardman Group


a design-driven real estate investment and development firm

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The Wardman Group


a design-driven real estate investment and development firm

About Us


About Us


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The Wardman Group is a design-driven real estate investment and development firm founded by Thad Paul in 2016.  

We focus primarily on opportunities in the hospitality sector, where we target under-valued assets, whether due to property condition, management capabilities, capital flows, or cycle timing.  Additionally, we target "small cap" commercial real estate properties in the Baltimore to Richmond corridor. 

Wardman acts as the sponsor, or operating partner, in these investments and raises joint venture equity from institutions, family offices or high net worth individuals to capitalize the projects.

Wardman is registered as a Certified Business Enterprise (CBE) by the District of Columbia Department of Small and Local Business Development (license #LSZR1905122019).

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Leadership


Leadership


Prior to founding The Wardman Group, Thad was a Managing Director in the U.S. Real Estate group at the Washington, D.C.-based Carlyle Group.  While there, he sourced over 50 acquisitions with a total capitalization of approximately $2.3 billion between 2003 and 2015, and worked on an additional 33 acquisitions in various other capacities.  Some notable investments Thad worked on include: (1) the acquisition and renovation of the B2 Hotel, a 242-room hotel in downtown Miami, (2) the acquisition and redevelopment of the Amara Cay Resort, a 110-room, luxury resort in Islamorada, (3) the acquisition and repositioning of the Renaissance on Peachtree, a 228-unit senior housing property in Atlanta, and (4) the acquisition of the Camellia at Deerwood, a 180-unit senior housing property in Jacksonville.

Before joining Carlyle, Thad was an analyst at LaSalle Hotel Properties.  

Thad has a B.S. from the School of Hotel Administration at Cornell University.  Thad was raised in Fort Worth, Texas, and has lived in Washington, D.C. since 1998.  He is married and has two young sons.

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Projects


Projects


Ocean gate resort

southport, maine

Wardman and its investors acquired the Ocean Gate Resort, a 65-room hotel in Southport, Maine in December 2017.  Wardman's business plan includes upgrading the hotel's marketing efforts, doing targeted guestroom renovations, and adding two small meeting rooms in order to attract group business.  Wardman hired Scout Hotel & Resort Management to oversee the hotel's day-to-day operations.  

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Fisher Inn Resort

Islamorada, Florida

Wardman and its investors acquired the Fisher Inn Resort (fka Harbor Lights Motel), a 37-unit limited service hotel in Islamorada, Florida in June 2017.  Wardman's business plan includes spending over $3 million in capital improvements, retaining Aimbridge Hospitality as management company, and repositioning the hotel from 2-star to 3-star.  The property is currently closed for renovations with a planned re-opening in mid-2018.

www.fisherinnresort.com

 

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Hadley House Resort

Islamorada, Florida

Wardman and its investors acquired the Hadley House (fka Days Inn Islamorada), a 37-unit limited service hotel in Islamorada, Florida in July 2017.  Wardman plans to spend $2.2 million in capital improvements, retain Aimbridge Hospitality as management company, and reposition the hotel from 2-star to 3-star.  The property is currently closed for renovations with a planned re-opening in 2018.

 

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AMARA PLACE

Columbia, South Carolina

Wardman and its investors acquired Summers Landing, a 92-unit senior housing property in Columbia, SC, in December 2016, which was subsequently re-named Amara Place.  Wardman's business plan includes spending $1.4 million in capital improvements, retaining Integral Senior Living as management company, improving on site services and staffing, and improving its marketing programs.  

www.amaraplace.com

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Acquisition Criteria


Acquisition Criteria


Below are Wardman's acquisition criteria for its proactive sourcing strategies.  It also occasionally reactively reviews opportunities in other sectors and locations.

Sectors

  • Hotels, including:
    • Urban, suburban, and resort
    • Branded or independent
    • Full service and select/limited service
  • "Small cap" commercial real estate in the Baltimore to Richmond corridor, including multifamily, retail, industrial, and office properties

Geography

  • Hotels: East Coast (Maine to Florida)
  • Commercial: Baltimore to Richmond corridor

VALUE-ADD/Opportunistic Strategies

  • Renovations
  • Expansions
  • Change in use
  • Management/staffing changes
  • Distressed/turnaround situations
  • Up-branding / down-branding
  • Shifts in marketing/sales/PR strategy
  • Utility expense reductions