Sometimes I stumble across random information.
While rooting around in financial documents on the Internet looking for something else, I came across
The loan was originally carried by the Deutsche Mortgage & Asset Receiving Corp., part of the German banking giant Deutsche Bank, in 2012 purchase of the hotels from Sunstone Hotel Investors for $210 million. That's about $172,000 per room for the 1,222 rooms.
In November, the Kahler management announced an estimated $30 million renovation of Kahler Grand.
In October 2017, GACC anticipated a $18.6 million renovation. That project seems to have been upgraded between then and November 2018.
An interesting tidbit in the documents is the hotel group spent $8.1 million to add a power plant to the Kahler Grand Hotel, a project that reportedly concluded in October 2017.
The Kahler group added the power plant to disconnect from relying on Mayo Clinic's Franklin Power Plant. Kahler was paying about $478,000 a year to use the Mayo power in a relationship that dated back 88 years.
The loan documents estimate that the new more efficient plant will save the Kahler 20 percent in energy costs for a total estimated annual savings of about $792,000.
That $8.1 million investment represents the largest piece of the $15.4 million - $12,571 per room - the Kahler group invested in the hotels between 2012 and 2016.
Occupancy rates for the four hotels vary some.
The documents show that the Kahler Grand's room occupancy was the weakest of the group at 52.8 percent in 2015 and 49.8 percent in 2016. In 2012, Deutsche Bank tallied the Kahler Grand's room occupancy rate was 56 percent.
The Kahler Grand represents 54 percent of the rooms in the four hotel portfolio.
The strongest occupancy rate of the four hotels is Residence Inn, which had 77.2 percent occupancy in 2016 and 73 percent in 2016.
Kahler Inn & Suites reported an occupancy rate of 69 percent in 2016 and 62.7 percent in 2015. The Rochester Marriott had a 67.5 percent occupancy rate in 2015 and a 66.8 rate in 2016.