Savannah morning news. [volume] (Savannah) 1868-1887, 1886-04-07
TIE NEW HOTEL.
How the Funds are to he r atsed and the
Site Secured.

The parties most active in the new
hotel movement and who are to put
money into the enterprise, propose
First, to purchase such shares OF the
Oglethorpe Real Estate Company as are
not already subscribed TO the proposed
Savannah Hotel Company.
second, to exchange the barracks prop
erty Tor the Chatham academy, receiving
$4,000 casa and the Chatham Academy
property in exchange, the $40 600 to be
USED 10 purchase whatever shares Of
Ogletnorpe Real Estate Company nave not
been subscribed and which Will belong TO
the savannah Hotel Company.
Ihlrd, to lease perpetually the Union
Soclety's Pavilion hotel property at a
rental not exceeding $4,000 per year. I'm
DER TINS arrangement the most beautiful
site Tor hotel that can be had In any
city IN America will be secured without
tue necessity Of a single cash subscription.
Fourth, to raise by subscription, and
IN no other way, S2jO,OUO pay
able IN monthly installments, and TO
buld a hotel costing that amount eXclu-
siVe OF the land already provided for as
above, and exclusive of furniture. 1t is
thought best that the lessee should own
the furniture, as is the case with the best
furnished hotel in the south
All sub ,cuptions will be received with
the express condition that tue hotel - to
be huilt on the site above mentioned, and
To cost $3.50 900. and that II is 10 be built
new and hrst-class in all respects, and
complete anG ready for business 10 1887.
No preferred stock or bonds are to be
issued for the purchase OF the size or for
building purposes.
The plan provides FOR twelve stores on
the Bun street front Of the building,
Wnlcn, when rented at $50 per month
eacb (the same rate at which the small
stores ~ the adjoining block are now and
tor long time past have been rented for },
VIII bring in an income OF $1,000 per an
mum from that source alone.
1t is proposed to lease the hotel for
term of years under proper restrictions to
the highest respectable bidder. As the
house Will contain about 30 rooms, with
~ guests to the room, and will do full
business for about 100 DAYS a year, there
Will be 5000 days If patronage per sea-
son. The rate per day Will average 81 30.
which is the lowest charge at the best
hotel South. This gives direct income
of upwards OF $3.50, 600 per annum at the
Office alone.
With 90, 400 days, at GO cents per day a
very low rate for the rooms when the
extra charge for baths alone is 81 per
day when rooms are occupied by two
persons), there Is q rental of upwards
OF $50, 900 for the hotel unturuished and
without the stores. or, with rental Of
stores, upwards OF $40, 600 per aunum.
From this amount is tn be deducted - eco
per annum TO be paid to the Union Society.
These are bottom figures, based upon
low prices.
The above is, in brief, what it is proposed
to do. Several gentlemen have acquaint-
ed me with their intention to sub
scribe literally toward the enter
prise, and several have laid aside
their preference as to location wien
the change is TO their d sadyantagp.
and have for the public good
consented to the change Of location by
subscribing their shares in the Uglethorpe
Real Estate Company to the proposed Sa-
yannah Hotel company, which company
will be Incorporated with liability limit
ed to the amount of subscriptions.
j. A. WOOD.