By Kristen Miller
COKATO, MN A site has been selected and the numbers have been calculated for a proposed hotel in Cokato. Now, all that is needed are some willing investors.
John Seibert, vice president of BriMark Builders, presented plans on a potential Cobblestone Inn and Suites to be built in Cokato during an informational meeting for possible investors Wednesday in the Centennial Room of the library/museum.
The plans presented were based on a 36-room, two-story hotel complex on Highway 12 (next to the old creamery building). The design includes extended stay suites, guest beer and wine bar, standard rooms, meeting room, hot continental breakfast, pool, and exercise room.
The cost of the land would be $238,064 for 1.29 acres. The total projected project is estimated to cost $2,787,089.
The requested loan amount would be $1,537,089, and the expected cash injection would be $1,250,000.
Seibert explained it as a turn-key project in that the hotel would be built from start to finish through BriMark, the hotel development firm for Cobblestone Hotels.
Cobblestone Hotels is headquartered in Neenah, WI and began building hotels in under-served markets in 2008. Seibert noted that with an unstable economy, the company found it was more successful to fulfill needs rather than wants with its hotel concepts.
Seibert said this is now the critical stage where investors are needed in order for the project to move forward.
Oftentimes, there have been up to a dozen investors in the project. Seibert said there isn’t a limit on the amount that can be invested, however, a minimum would be $25,000.
Seibert said he is willing to meet with potential investors. Contact him at (920) 955-3999 or firstname.lastname@example.org.