LOTO,Horny Toad Entertainment Complex: SOLD
01-21-2016, 06:21 AM
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LOTO,Horny Toad Entertainment Complex: SOLD
http://www.bizjournals.com/kansascit...ab-ozarks.html
A Lake of the Ozarks resort formerly known for its Horny Toad Entertainment Complex has been sold to a partnership created by Leawood-based Lodging One Hospitality LLC.
Ken Heinz, a principal with that hotel investment and management firm, said the ownership entity it formed paid $14 million for Camden on the Lake Resort, Spa & Yacht Club in Lake Ozark.
The seller, Overland Park-based Valley View Bank, paid nearly twice that much — $25 million — to buy the property out of foreclosure in 2010.
Formerly known as the Resort & Yacht Club at Toad Cove, the property includes a 119-unit condominium hotel, a 108-slip marina and yacht club, a full-service spa, and retail and entertainment venues, including H. Toad's Bar & Grill — a more family-friendly nod to the old Horny Toad name.
Valley View Bank was the lead lender for the resort's original developer, Merlyn Vandervort, who borrowed $31 million to build the condo hotel.
Opened in 2008, the hotel offered luxury condos for owners to rent as hotel suites when they were not being occupied for personal use. But because of the recession, Vandervort was able to sell only 25 of the condos and thus had to walk away from the more than $20 million in equity he had in the resort complex.
"It's a really high-quality asset," said Ken Heinz, who owns Lodging One Hospitality with his brother, Chris Heinz. "It feels like a five-star resort, and we saw an opportunity to buy something that was priced considerably lower than its actual value."
Valley View Bank was represented in the sale by brokers Rich Lillis of Colliers International's Miami office and Drew Quinn of Colliers' Kansas City office.
"Camden has become the leading resort in the Lake of the Ozarks market due to its unmatched lodging experience paired with an impressive offering of entertainment, meeting facilities, marina and amenities," Lillis said in a release.
Amenities include a lakefront pool with swim-up bar, boat and jet-ski rentals, 20,000 square feet of event space, and an entertainment venue that has attracted national acts, such as Nelly and Foreigner.
Ken Heinz, formerly a senior vice president with Ferrellgas Partners LP, said his firm has taken over management of the resort, which under Valley View Bank's ownership was managed by another Leawood firm, Leisure Hotels & Resorts.
Lodging One Hospitality was formed in 2006, when Ken Heinz left Ferrellgas. Besides its new resort acquisition, the firm and its partnerships own four hotels and manage six.
Locally, a Lodging One partnership built and managed the Holiday Inn Express in Deer Creek Woods at 135th Street and Metcalf Avenue in Overland Park. It was sold in 2014.
Lodging One Hospitality also manages the Holiday Inn Express in Lane4 Property Group Inc.'s 39Rainbow mixed-use development in Kansas City, Kan.
A Lake of the Ozarks resort formerly known for its Horny Toad Entertainment Complex has been sold to a partnership created by Leawood-based Lodging One Hospitality LLC.
Ken Heinz, a principal with that hotel investment and management firm, said the ownership entity it formed paid $14 million for Camden on the Lake Resort, Spa & Yacht Club in Lake Ozark.
The seller, Overland Park-based Valley View Bank, paid nearly twice that much — $25 million — to buy the property out of foreclosure in 2010.
Formerly known as the Resort & Yacht Club at Toad Cove, the property includes a 119-unit condominium hotel, a 108-slip marina and yacht club, a full-service spa, and retail and entertainment venues, including H. Toad's Bar & Grill — a more family-friendly nod to the old Horny Toad name.
Valley View Bank was the lead lender for the resort's original developer, Merlyn Vandervort, who borrowed $31 million to build the condo hotel.
Opened in 2008, the hotel offered luxury condos for owners to rent as hotel suites when they were not being occupied for personal use. But because of the recession, Vandervort was able to sell only 25 of the condos and thus had to walk away from the more than $20 million in equity he had in the resort complex.
"It's a really high-quality asset," said Ken Heinz, who owns Lodging One Hospitality with his brother, Chris Heinz. "It feels like a five-star resort, and we saw an opportunity to buy something that was priced considerably lower than its actual value."
Valley View Bank was represented in the sale by brokers Rich Lillis of Colliers International's Miami office and Drew Quinn of Colliers' Kansas City office.
"Camden has become the leading resort in the Lake of the Ozarks market due to its unmatched lodging experience paired with an impressive offering of entertainment, meeting facilities, marina and amenities," Lillis said in a release.
Amenities include a lakefront pool with swim-up bar, boat and jet-ski rentals, 20,000 square feet of event space, and an entertainment venue that has attracted national acts, such as Nelly and Foreigner.
Ken Heinz, formerly a senior vice president with Ferrellgas Partners LP, said his firm has taken over management of the resort, which under Valley View Bank's ownership was managed by another Leawood firm, Leisure Hotels & Resorts.
Lodging One Hospitality was formed in 2006, when Ken Heinz left Ferrellgas. Besides its new resort acquisition, the firm and its partnerships own four hotels and manage six.
Locally, a Lodging One partnership built and managed the Holiday Inn Express in Deer Creek Woods at 135th Street and Metcalf Avenue in Overland Park. It was sold in 2014.
Lodging One Hospitality also manages the Holiday Inn Express in Lane4 Property Group Inc.'s 39Rainbow mixed-use development in Kansas City, Kan.
