Confidential · For intended recipients only
The equity sits above $118.6MM of senior and C-PACE, 63.6% of the $186.6MM total capitalization. The senior sizes to 65% of indicative stabilized value; there is no mezzanine in this structure. Structure is open to preferred or LP participation, and the position prices to the risk it actually carries: a cash-flowing Hilton resort acquired at a 5.2% going-in cap, not a ground-up bet.
| Capitalization | Amount | % Cap |
|---|---|---|
| Senior bridge · 65% of stabilized value | $100,000,000 | 53.6% |
| C-PACE · 25 to 30-yr assessment | $18,600,000 | 10.0% |
| LP / preferred equity · this raise | $68,000,000 | 36.4% |
| Total capitalization | $186,600,000 | 100% |
Sponsor budget: $110MM purchase, $65MM renovation and conversion, $11.6MM closing costs. Final debt sizing and contingency reconcile at term sheet; goKaizen underwrites a 6% hard-cost contingency within the raise.
| The investment case | Detail |
|---|---|
| Going-in cap on in-place NOI | 5.2% · $5.75MM on $110MM |
| Stabilized NOI · conservative / model | $11.5MM / $12.72MM |
| Residence sell-out · 156,750 SF | $725 to $750 / SF model |
| Gross residence proceeds | $113MM to $118MM |
| Net basis after sell-out · sponsor | ~$73MM |
| Yield on net basis · conservative NOI | 15.8% |
| Sponsor-projected unlevered IRR | 15.5% |
The resort occupies 200-plus acres inside the Phoenix Mountains Preserve. Protected land surrounds it on every side, which means the view, the privacy, and the scarcity are permanent: no competing resort or residence product can ever be entitled on this terrain. Trophy assets in this market trade at trophy prices, the Arizona Biltmore at $1.0MM per key in 2024, Scottsdale branded residences at $1,100 to $1,900 per SF. This one is being acquired under-maintained and under-positioned, at $188K per key, with the repositioning capital already in the budget.
The repositioning cuts hotel inventory to 300 upgraded keys to drive ADR and converts 285 keys into 165 Hilton Tapestry branded residences: 45 one-bedrooms at 550 SF and 120 two-bedrooms at 1,100 SF. Residences sell individually, and most inventory enters the Hilton Honors rental pool, so sold units keep feeding resort F&B and amenity demand while owners earn pool revenue.
The unit mix is defined and the pricing is deliberately modest. Every residence carries the Hilton Tapestry flag, full resort amenity access, and a Hilton Honors rental-pool option; the nearest branded comparables sell at $1,100 to $1,900 per SF across the Camelback corridor.
| Unit mix | Units | SF | $/SF | Price |
|---|---|---|---|---|
| One-bedroom | 45 | 550 | $750 | ~$413K |
| Two-bedroom | 120 | 1,100 | $725 | ~$798K |
| Program total | 165 | 156,750 | $725–750 | ~$114MM |
Model sell-out pace: roughly half the program closes in Year 2, a quarter in Year 3, a quarter in Year 4. Kitchens, balconies or patios, and full amenity access in every unit.
| Branded-residence comps | Product | $/SF |
|---|---|---|
| Ascent at The Phoenician · Scottsdale | Branded condos · sold | $1,138–1,387 |
| Ritz-Carlton Residences · Paradise Valley | Branded villas · listings | $1,620–1,873 |
| Optima McDowell Mountain · N Scottsdale | Luxury condos · new | from ~$824 |
| Tapestry Residences at Tapatio · subject | Branded + rental pool | $725–750 |
Comp pricing per public listing and sales records (Scottsdale Condo Mania, Williams Luxury Homes, Optima), compiled July 2026. The subject prices below every named comp; closed-comp validation continues in diligence.
Seven pools, The Falls Water Village with a 138-foot waterslide, 40-foot waterfall and 23 cabanas, the 18-hole Lookout Mountain Golf Club playing the highest tee in Phoenix, Tocaloma Spa & Salon, four restaurants led by the hilltop Different Pointe of View, tennis and pickleball, and 65,000 SF of event space. F&B contributed $17.2MM and golf $4.8MM of departmental revenue in the trailing statements. A residence buyer is buying into an operating resort, not a promise.
Blended hotel and rental-pool income per the underwriting model, net of replacement reserve. The equity underwrites to the sponsor's own conservative $11.5MM stabilized case; the model case is shown for the full ramp.
| Year | Keys | Occ | ADR | RevPAR | Total revenue | NOI |
|---|---|---|---|---|---|---|
| 2025 actual | 584 | 56% | $185 | $103 | $53.2MM | $5.75MM |
| Year 1 | 584 | 55% | $187 | $103 | $53.7MM | $6.28MM |
| Year 2 · renovation trough | 382 avg | 64% | $199 | $127 | $44.0MM | $4.32MM |
| Year 3 · residences online | 300 + resi | 62% | $307 | $191 | $58.2MM | $9.77MM |
| Year 4 · refinance year | 300 + resi | 62% | $337 | $209 | $66.3MM | $12.05MM |
| Year 5 · stabilized | 300 + resi | 62% | $355 | $220 | $69.0MM | $12.72MM |
Source: sponsor underwriting model, gKC scenario tabs, June 2026. Rental-pool residence revenue enters from Year 3; owners and the project split pool income after expenses. Model carries 584 keys; plan documents reference 585.
Resort trades bracket the hotel's residual value; branded-residence comps bracket the sell-out. The subject's going-in basis of $188K per key sits under every recent full-service print, and its residence pricing sits under every branded project in the corridor.
| Resort trade | Keys | Closed | Price | $/Key |
|---|---|---|---|---|
| Arizona Biltmore · Phoenix | 705 | May 2024 | $705.0MM | $1.00MM |
| Scottsdale Plaza Resort & Villas | 404 | Apr 2024 | $124.3MM | $308K |
| DoubleTree Resort Paradise Valley–Scottsdale | 378 | Jul 2023 | $115.5MM | $306K |
| Hilton Tapatio Cliffs · going-in | 585 | — | $110.0MM | $188K |
Trades per public records and press reports (CoStar, PRNewswire, ABC15), compiled July 2026. The DoubleTree Paradise Valley is a member of the subject's STR competitive set.
The single largest return driver is residence pricing and absorption, so it gets the slider. Gross proceeds on 156,750 saleable SF, net of 5% selling costs, against the $186.6MM capitalization, with the resulting yield on residual basis at the sponsor's own conservative $11.5MM NOI.
At $580 per SF, 20% under the model floor, the residual basis is $100.2MM and the conservative-case yield on basis is still 11.5%. The sponsor's stated ~$73MM net basis reflects the model's full sell-out assumptions; absorption pace and closed comps are first-order diligence items and the request for them is already with the sponsor.
The return thesis leans on selling 165 branded residences; slipped pricing or pace raises the true basis.
MitigantThe stress math above: at 20% below the model floor the conservative yield on basis holds at 11.5%. Hilton Tapestry branding, the rental-pool income offer, and staged closings support pace. Closed-comp validation is an open diligence gate, disclosed as such.
Cutting 585 keys to 300 requires meaningful ADR uplift to carry hotel revenue.
MitigantUnderwriting runs the sponsor's own conservative $11.5MM case, 10% under model, as the base for sizing. Scottsdale-adjacent leisure demand, 39,000 SF of group space, and the golf amenity diversify the revenue base while ADR builds.
A $65MM PIP plus conversion on an under-maintained 585-key resort can grow.
MitigantgoKaizen underwrites a 6% hard-cost contingency within the raise, and the Hilton flag requirement puts brand-standard discipline and an approved PIP scope around the budget. GMP status and the itemized budget are gated diligence items.
$118.6MM of senior and C-PACE sits ahead of the position, and C-PACE assesses senior to the mortgage.
MitigantCombined debt holds at 63.6% of cost, sized so the Year-4 refinance clears at 1.25x DSCR and 80% LTV on hotel NOI alone. The equity is not underwriting a leverage structure that needs the residences to save it.
Bentley Legacy Group is the hotel investment and operating platform of Bentley Legacy Holdings, the Plano, Texas family office of Les Bentley: Marriott operator, President of Wyndham Hotels & Resorts through its private-to-public transition (200+ properties, 45,000 rooms), and co-founder of Aimbridge Hospitality, which grew from eight hotels under his tenure into the world's largest third-party hotel management company. The family's third generation holds partner roles across the platform, and the operating bench runs equally deep: President and COO Matt Berge brings 37 years of operations from Aimbridge and Starwood.
Owner-operator of a national book weighted to full-service, independent, and soft-brand hotels per the group's published materials: Fairmont New Orleans (250 keys), Element New Orleans Downtown (216), La Fonda on the Plaza Santa Fe (180), Canopy by Hilton Dallas Uptown (150), AC Bozeman (143), the Raphael Kansas City (Autograph Collection, 126), Senza Napa, Poco Diablo Sedona, and Hampton Inn & Suites Boerne, with Hotel Bozeman & Residences (Autograph) in the pipeline. Roughly 1,300 keys, in exactly the segment this repositioning creates.
Les Bentley has served on the Hilton Owners Council, and the portfolio operates Canopy by Hilton and Hampton by Hilton flags today. The Tapatio plan retains the Hilton flag and introduces Tapestry-branded residences: an execution inside the sponsor's existing brand relationships, not a first meeting.
Pendant Capital, led by CEO David Capps, is the group's dedicated funding and investment vehicle, formed to source and structure hospitality investments alongside the operating platform. The owner-operator posture is the point: the group underwrites, buys, and then runs its assets itself.
Headshots, platform facts, and portfolio detail per Bentley Legacy's published materials (bentleylegacy.com) and press coverage (Hospitality Net, May 2024). The underwriting model and investment overview are available now; sponsor financial statements, track record detail, and the itemized renovation budget follow under NDA as diligence progresses.
Selected coverage of the sponsorship platform. Articles open at the publisher; facts quoted reflect the record at publication date.
$68MM of LP or preferred equity above 63.6% leverage on a supply-protected Hilton resort at a 5.2% going-in cap, with 165 branded residences returning capital from Year 2 and a conservative case that still clears 15.8% on net basis. Structure conversations welcome.
