Stier Properties, Inc | Application Preview
Stier Properties, Inc. is seeking government grants to supplement funding from local investors for their hotel project, specifically to cover rising costs associated with construction and utilities for future phases, including plumbing, electrical, HVAC, sprinklers, and an elevator.
The business plan outlines a phased approach: in 2022, three hotel rooms will be launched as Airbnb units, each expected to generate at least $25,000 in revenue. Additional utility work has been completed for five more units, which will open later in the year, alongside hiring part-time staff to manage operations. In 2023, work will commence on the ballroom and five additional hotel units, with the ballroom set to open by late spring or early summer. The aim for 2024 and beyond is to refine operations and reduce debt, projecting around $200,000 in annual gross revenue for debt repayment.
The application emphasizes a strong vision for success, highlighting the team's ability to adapt and collaborate with experienced partners. Stier Properties acknowledges competition from AmericInn, local Airbnbs, and Days Inn but asserts a competitive edge based on their prime location near the Amtrak station and Princeton's shopping district, along with a unique vintage-inspired hotel aesthetic that promises an elegant experience for guests.
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General Information
Business Registration Number: 862843995
Location: Princeton, IL, United States
Length of Operation: 1
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
Our funding has primarily come from local investors who believe in the project and business model. Additional fundraising, like this, will help offset the increased cost of materials and labor, as well as utilities for future phases--including plumbing, electrical, HVAC, sprinklers, etc.--and an elevator.
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Business Plan
2022 - In March, we will open three hotel rooms to operate as Airbnb units. We project each unit to generate at least $25,000 in additional income. We also have utilities installed in five more units, which will open throughout 2022. We will hire part-time staff for cleaning and reception as needed. We will also use the income to hire additional labor for ongoing renovations. 2023 - We will begin work on the ballroom and remaining five hotel units. The ballroom will open by late spring/early summer, and the hotel rooms will phase in through the remainder of the year. 2024 and beyond - We will refine business operations and use revenue to pay down debts as quickly as possible. We project having around $200,000 in annual gross revenue to use towards mortgage, investor, and other outstanding loans. Our vision. We know exactly what our business and building need to be successful, and we know how to get there. We are working fast, learning quickly, adapting swiftly, and aligning with the right people who share our passion and have the experience to do things the right way.
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Self Identified Competition
AmericInn, Local Airbnbs, and Days Inn First, our location. It could not be better. Our hotel is located just across from the Amtrak station, and on the corner of Princeton's historic shopping district. It is within smelling distance of local bakeries and restaurants, and a few steps away from boutique shopping and Princeton's weekend events. Guests will enjoy close access to everything they need, and a beautiful view from their rooms. The other difference is our style. The Knox Hotel will provide an elegant step back in time. Vintage-inspired aesthetics and top quality materials.
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Contact Applicant
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