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With development partner The Bedford Springs Company of Dallas, The Ferchill Group is leading the $89 million restoration of the landmark Bedford Springs Hotel in southwestern Pennsylvania.

Constructed over the course of the 19th century, the elegant Bedford Springs Hotel was renowned for its seven mineral springs and notable guests such as Aaron Burr, John C. Calhoun, Daniel Webster and seven U.S. Presidents. The hotel even served as James Buchanan's “summer White House” from 1856 to 1860.

Plagued by an aging infrastructure and a lack of capital, the hotel closed its doors in 1990, sparking multiple unsuccessful attempts to revive and reopen the hotel. Over time, various commitments were made toward the revitalization. Lack of developer experience in historic rehab, however, was viewed by lenders as a setback.

The hotel, located within two hours of Pittsburgh, Baltimore and Washington, D.C., is scheduled to open in May 2007 with 216 luxury rooms and suites. Benchmark Hospitality of Houston will manage the property.

In 2005, The Bedford Springs Company approached The Ferchill Group to serve as development partner. Soon thereafter, $88.5 million funding was secured for the hotel's restoration and expansion.

About the development
The Bedford Springs redevelopment calls for the complete restoration of the historic portions of the hotel and construction of a new spa wing will include a 15,000-square-foot spa and an additional 99 rooms and suites. Listed on the National Register of Historic Places, the Hotel boasts one of the country's first indoor Olympic-sized swimming pools (1904) which will be fully restored as part of the Springwater Spa complex. The Hotel will offer a total of 216 rooms and suites, a tennis court complex and 19,000-square-feet of meeting and event space. An 18-hole historic golf course, originally built in 1896 and later redesigned and expanded by Donald Ross in 1924, will be restored to its original design. Miles of hiking and biking trails covering the Hotel's 2,200 acres will be restored or created.

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Project Financing

• $19.5 million in tax credit and easement equity from Chevron Corp subsidiary Chevron TCI Inc.
• $27 million from Commonwealth of Pennsylvania in development grant and infrastructure assistance
• $40 million in senior financing, Marshall Investments Corporation, Minneapolis, MN
• $4 million private developer equity