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Bolivar company expands hotel portfolio

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A real estate development and investment firm that’s made economic waves in its hometown of Bolivar has expanded outside of Missouri with two purchases in the last year.

Pinecone Holdings LLC, led by father and son Thane and Drew Kifer, most recently acquired a Best Western Plus hotel in Saratoga Springs, New York, marking its purchase that’s farthest away from Bolivar, according to a news release issued this month. In 2018, Pinecone Holdings bought a Best Western Plus in Illinois, after opening a hotel under the same flag earlier in the year in Bolivar.

“After acquiring what we felt was the best (return on investment) close by, we got rid of our geographical constraint and started looking at what was on the market, regardless of where it is located,” Pinecone Holdings founder and CEO Thane Kifer said in the release.

Drew Kifer, Pinecone’s managing director, said via email the company closed on the purchase of the upstate New York hotel on Aug. 23. Pinecone acquired the 44,000-square-foot, 73-room hotel for $5.6 million from TAFA Holdings and MRTS Hospitality LLC, and it’s now operated through the Bolivar company’s BWPSS Holdings LLC, he said. Around 75-100 properties were evaluated before Pinecone decided to buy the New York Hotel.

“This one met all of our criteria: It had good bones, a respectable cash flow, but most importantly, there was a lot of opportunity to improve the hotel and increase its value in a short time frame,” Drew Kifer said in the release.

Thane Kifer said most of Pinecone’s investors for the purchase are in the Springfield area, according to the release.

Pinecone in October 2018 bought the Best Western in Mascoutah, Illinois, for undisclosed terms from BW Hotels LLC. The property spans 68,000 square feet with 85 rooms, Drew Kifer said.

Pinecone’s Bolivar Best Western Plus opened in June 2018. The firm spent $4 million to build a 43,800-square-foot hotel with 61 rooms.

Springfield Business Journal in 2017 reported Pinecone’s plans were part of an economic turnaround in Bolivar, as a financial crisis had loomed five years prior. Officials have predicted Pinecone’s Bolivar hotel would create a $30 million economic impact in its first 15 years.

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