Creative Invention of Hotel Greene indoor miniature golf course comes to life with SBA loan
Borrower : Hotel Greene and Greenleaf’s Pool Room Corp.
Where : Richmond, VA
Loan Amount : $400,000
Project Type : SBA 7(a) Loan
Opportunity
Updating a historic hotel for modern purposes requires a solid investment. And when you’re converting a portion of such a property – namely, the legendary Hotel John Marshall in Downtown Richmond – into a 13-hole indoor miniature golf course, you need to find an investor who shares your creative vision.
The husband-and-wife duo of Andrea Ball and Jim Gottier have a proven track record for breathing new life into a long-abandoned property. Adjacent to the hotel sits Greenleaf’s Pool Room, opened by the couple in 2014. Named after 1920s pool champion Ralph Greenleaf the venue has 12 regulation pool tables and spectator seating. A full kitchen serves updates on classic luncheonette fare, and its bar menu includes tailored versions of classic cocktails and local craft beers.
Tapping into the legacy of the Hotel John Marshall, Hotel Greene represents a European hotel between the two world wars. This tongue-in-cheek reuse of the downtown property features a three-tier golf complex, with the first floor serving as the check-in and lounge area. Taking guests through the public and private spaces of the “hotel,” the course is spread over the next two floors as players find themselves in a maze searching for their rooms, following endless halls, facing stuck elevators, and hearing the sounds of other hotel guests. Keeping to the theme, guests can order “room service” from Greenleaf’s Pool Room.
With the advent of Hotel Greene the couple is part of the continuing reinvention of the Hotel John Marshall, whose upper floors have been converted into modern apartments. However, the couple needed an additional $400,000 to add to their investment to complete the innovative project.
Solution
Small Business lending
Building on the couple’s success with Greenleaf’s Pool Room, VCC recommended financing the loan for Hotel Greene under the Small Business Administration’s 7A loan program. VCC approved a 10-year loan for the $400,000 requested.
Impact
Today, Hotel Greene-opened in summer 2019- and Greenleaf’s Pool Room have brought new jobs to downtown, while also filling economic gaps as new businesses in a long-underserved neighborhood. The two venues are improving the image of the community and helping to spark additional business creation and other economic growth to nearby areas Both venues are marketed to the growing number of young professionals moving into the downtown region, as well as businesses interested in hosting events at a unique private venue.
These two businesses have helped to ensure the next chapter in the legacy of the Hotel John Marshall, which was built in 1929 as “The Finest Hotel in the South.”