Chapter 4 - THE HOTEL PROJECT
Charles owned a forty-percent interest in Hayes & Crowe Hospitality.
Not a giant corporation.
A regional group that renovated and operated boutique hotels.
Two good years created confidence.
Then Charles backed a conversion project in Santa Fe.
Historic building.
Luxury suites.
Restaurant.
Rooftop terrace.
The numbers looked good.
Then:
construction costs rose,
permits took longer,
an investor withdrew,
and opening season slipped.
The company needed more cash.
Charles had already contributed additional capital.
His partner contributed less.
The bank refused to increase the loan without stronger equity.
Charles needed approximately $620,000 to stabilize the project.
He did not have that in liquid personal funds.
Eleanor did.
Or more precisely:
Eleanor had access to future settlement value that might, under certain legal and contractual conditions, be commuted or sold for a discounted lump sum.
Charles began asking questions.
Casually.
“What happens to the annuity if you die?”
“Can you cash out early?”
“Why keep future payments when inflation eats them?”
Eleanor answered:
“Because I may need a new prosthetic every few years.”
He laughed.
May you like
“We’re not talking about leaving you without care.”
At first.
