FAIRHOPE, Ala., Aug. 16, 2011-- Developer Mac Pulitzer, great-grandson of Pulitzer Prize founder Joseph Pulitzer, announced today in a statement that, due to near-zero lending practices by banks, he'd welcome an equity partner in his $11 million Pulitzer Hotel venture, a 40-room mixed-use luxury boutique destination tourism project that also will house the nation's first and only Pulitzer Library.
Pulitzer added that he'd be willing to consider relocating the project
should local incentives elsewhere make such a move reasonable.
"When I began my journey to open the nation's first Pulitzer Library
and Hotel in Fairhope, Ala., I had a feeling banking the venture would
not be easy; however, I never expected 99 percent of banks would slam
the door on an asset that shows exceptional appraised values and has
national historic significance," Pulitzer said. "I am determined, and I
am not giving up," he continued. "I am in contact with the United
States Department of Agriculture, Business and Industry Loan Division
concerning financing, but getting its 80 percent guarantee requires a
50 percent loan-to-value ratio.
"Unfortunately, I had money in one of the Bernie Madoff-type Ponzi
schemes, and it ate the majority of my liquid assets. This makes me
search out an equity investor with $1.5 million, or about 12.5 percent
of this $11 million venture.
"This is an asset that should be built. 'Pulitzer' the name, is
recognizable world wide and it works very well with luxury hotel
properties. I'd like to build the Pulitzer Library and hotel in
Fairhope; however, if I locate an investor that wants this asset built
in a larger market, well, my bags will be packed and ready to go,"
Pulitzer concluded. "My goal, in the end, is to build this asset
for the entire country. Joseph Pulitzer gave a lot to this country, and
I'd like to pay tribute to the greatness of the Pulitzer Prize that he
created with the Pulitzer Hotel and Library."
In late March, Mac Pulitzer announced the nation's first Pulitzer
Library and Hotel to be built in Fairhope, Ala., the home of three
Pulitzer Prize winners, two Pulitzer Prize nominees, and a locale that
can claim Jimmy Buffett, Andy Andrews, WEB Griffin, Winston Groom, Rick
Bragg, Fannie Flagg, Mark Childress, and many other literary luminaries.
For more information and contact info visit www.thepulitzerhotel.com.