SCHLITTERBAHN BEACH RESORT HOTEL & WATERPARK – SOUTH PADRE ISLAND, TX
Hicks Ventures was engaged as a development consultant/ongoing project management to help the Schlitterbahn company develop an acquisition/redevelopment plan for the 228-room empty gutted property that was formerly the Holiday Inn on South Padre Island, TX. The property was devastated by Hurricane Dolly in July 2008.
The $28 million acquisition/redevelopment budget also included the incorporation of an indoor waterpark feature at the property to connect, via an under-road watertube-ride, to the existing Schlitterbahn Waterpark next door. Hicks developed the pro-formas, budgets and overall plan execution, as well as negotiated/arranged the placement of the $20 million loan and $8 million equity.The property was purchased/closed in June 2011, and construction was completed in the summer 2012.
CLIENT: Schlitterbahn Waterparks
CONTACT: Gary Henry 830-708-3664
CONTACT: Bob Kirchener 281-538-4800
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