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I own a 3 story brick building, 30,000 sq. feet in Pittsfield, MA. The town is going through an incredible renaissance. When I bought the bldg. in 2003, it was 2/3 rented. Then, I lost some tenants and others downsized. The bldg. is now 2/3 empty. However, in 2004, we did a huge renovation, installing an elevator, gutting and renovating the lobby -- many changes. It's a great building. I must reposition the bldg. I am developing a whole vision to turn it into a boutique hotel and have been doing extensive research. The area can support the hotel. However, I have beaucoup bucks invested already, and need around 3 million in capital to do the construction, pay the staff, management team, etc. for two years, until the hotel is up and running. Do I need angels or vc folks? How do I get back my investment? Paid 550,000 for the bldg. in 2003, put in 200,000 in cash (there was excellent cash flow when I bought it -- otherwise, I wouldn't have bought it!) and another 150,000 to carry it over these years. Plus construction loans etc. So, I guess I have around one million into it. Thanks in advance for some answers.
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