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Real Estate

Company Type



$10 Million

Investment Type



The Harp Group, Inc. (the “Sponsor”) is seeking $10 million in preferred equity to acquire and renovate the Landing Hotel, located in downtown Ketchikan, Alaska.

Upon closing of the acquisition, the Sponsor will begin an approximate $5 million, targeted renovation focusing on guest facing areas including the: (1) guestrooms, (2) corridors, (3) lobby, and (4) food and beverage facilities.  The Sponsor will utilize its Ketchikan based, resort sales team to drive business from competing properties to the Landing Hotel

The Landing Hotel has a long track record of performing very well.  For the year ended December 2022, the Landing Hotel generated $2,847,652 in net operating income, which yields a 15.82% capitalization rate on in-place income

The Sponsor has extensive experience in the acquisition and development of hospitality and mixed-use destinations and currently owns and operates two fishing resorts, which are located ~45 minutes by float plane from The Landing Hotel

Ketchikan – widely known as the “Gateway to Alaska” and regarded as the “Salmon Capital of the World” enjoys a significant uptick in tourism during the summer season from both cruise passengers and anglers from around the world. The Cruise Lines International Association (CLIA) expects more than 1.3 million cruise ship passengers for the year ended December 2023


Ketchikan, Alaska has significant overnight demand generators, primarily from cruise traffic, seasonal anglers, and the PeaceHealth Ketchikan Medical Center

The Cruise Lines International Association (CLIA) expects over 1.3 million cruise ship passengers in the coming 2023 season, an increase from recent-year reductions due to COVID-19 restrictions. Ketchikan is one of the most popular stops for all the major cruise lines in Alaska with 19 cruise lines making stops at the Port of Ketchikan

Regarded as the “Salmon Capital of the World,” a leading draw for Ketchikan’s over 1 million tourists is the 60-80 million salmon annually caught in the Southeast Alaskan region centered on Ketchikan

The Landing Hotel benefits year-round from traffic associated with the PeaceHealth Ketchikan Medical Center which generates ~$160,000,000 in total patient revenue on an annual basis with its 54 staffed beds

The Sponsor will utilize its Ketchikan based resort sales team to further drive demand to the Landing Hotel. The Sponsor has been successful in increasing the top-line at its local fishing resorts by ~31% from 2019 through 2023

Acquisition and Renovation Plan

Sponsor will acquire the hotel and immediately engage their Ketchikan based sales team to start driving demand

In conjunction with the closing, the Sponsor will begin targeted renovations in a way that minimizes hotel disruption. Full renovation is expected to be completed within the first two years following takeover

Renovations will be focused on guest-facing areas, including guestrooms, guest corridors, lobby, and food and beverage outlets

Revenue Management and



Implementation of sophisticated revenue management system

Maximize room rates in busy and slow seasons

Waterfall Resort and Steamboat Bay Fishing Club accessible only by boat or floatplane from Ketchikan

Synergies and

Sales Efforts


The Harp Group owns and operates Waterfall Resort and Steamboat Bay Fishing Club

The Landing Hotel strengthens sales efforts and adds cost savings

Utilizes in-place sales and marketing team for all properties



Peter Dumon|Founder

  • Peter Dumon founded The Harp Group in 1997 to capitalize on value creation opportunities in the United States real estate markets
  • Efficiently pre-qualifies deals based on his market knowledge, construction and financial expertise
  • Involved in the construction and development of numerous hotel properties since 1994 in his former role as VP of a Chicago area construction and development firm and with The Harp Group
  • The aggregate value of all completed projects exceeds $2 billion, including planning, zoning, feasibility, debt and equity financing, development oversight and ongoing asset management
  • Graduate of the University of Notre Dame where he majored in economics and philosophy

Michael Vite | Senior Vice President

  • Michael Vite began working with the Harp Group in 2011 as an Analyst. Works on acquisitions and operational management, worked his way up to SVP by 2017
  • Works directly with buyers, sellers, lenders, brokers, lawyers, insurance agents, third-party contractors and escrow officers on the financial aspects of acquisitions, dispositions, and lender financing for hospitality acquisitions and development.
  • Oversees all underwriting, diligence and acquisitions
  • Having worked with Harp for over ten years, developed a strong network of investors and operators to help facilitate the capitalization of Harp’s projects
  • Graduate of Western Michigan University in Kalamazoo, Michigan with a bachelors of business administration degree with a concentration on finance and commercial law
Learn More About The Harp Group
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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784