Ging Wien from ProButterfly alerted me to the presence of a curious asset in the IPO Portfolio. The only independent hotel is the Queen Mary Long Beach, a ship that is moored permanently in Long Beach Harbour (pictured in my cover photo). The ship was converted into a hotel and has been a feature of Long Beach Harbour since 1967.
Interested to know more, I went down the Google rabbit hole and I came across a concerning article from local press Long Beach Post regarding the history and cost of the renovations at the property. One article led to another which combined to paint a troubled history of the property.
Apparently, the property has suffered from years of neglect and mismanagement. Previous lessees had suffered from financial troubles or were unable to come up with a viable plan to finance repairs. A survey of the property estimated the amount of repairs required to