Thursday, November 30, 2023

Pulitzer Hotel, Library Project "Hog Tied by Bankers"

FAIRHOPE, Alabama USA, Aug. 16, 2011 /PRNewswire/ — Developer Mac Pulitzer, great-grandson of Pulitzer Prize founder Joseph Pulitzer, announced today in a statement that, due to near-zero lending practices by banks, he’d welcome an equity partner in his $11 million Pulitzer Hotel venture, a 40-room mixed-use luxury boutique destination tourism project that also will house the nation’s first and only Pulitzer Library.

Pulitzer added that he’d be willing to consider relocating the project should local incentives elsewhere make such a move reasonable.

“When I began my journey to open the nation’s first Pulitzer Library and Hotel in Fairhope, Ala., I had a feeling banking the venture would not be easy; however, I never expected 99 percent of banks would slam the door on an asset that shows exceptional appraised values and has national historic significance,” Pulitzer said. “I am determined, and I am not giving up,” he continued. “I am in contact with the United States Department of Agriculture, Business and Industry Loan Division concerning financing, but getting its 80 percent guarantee requires a 50 percent loan-to-value ratio.

“Unfortunately, I had money in one of the Bernie Madoff-type Ponzi schemes, and it ate the majority of my liquid assets. This makes me search out an equity investor with $1.5 million, or about 12.5 percent of this $11 million venture.

“This is an asset that should be built. ‘Pulitzer’ the name, is recognizable world wide and it works very well with luxury hotel properties. I’d like to build the Pulitzer Library and hotel in Fairhope; however, if I locate an investor that wants this asset built in a larger market, well, my bags will be packed and ready to go,” Pulitzer concluded. “My goal, in the end, is to build this asset for the entire country. Joseph Pulitzer gave a lot to this country, and I’d like to pay tribute to the greatness of the Pulitzer Prize that he created with the Pulitzer Hotel and Library.”


In late March, Mac Pulitzer announced the nation’s first Pulitzer Library and Hotel to be built in Fairhope, Ala., the home of three Pulitzer Prize winners, two Pulitzer Prize nominees, and a locale that can claim Jimmy Buffett, Andy Andrews, WEB Griffin, Winston Groom, Rick Bragg, Fannie Flagg, Mark Childress, and many other literary luminaries.

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Judith Rubin
Judith Rubin
Judith Rubin ([email protected]) is a leading journalist, content marketing specialist and connector in the international attractions industry. She reports on design and technical design, production and project management, industry trends and company culture. From 2005-2020 she ran communications and publications for the Themed Entertainment Association (TEA). In 2013, she was honored with the TEA Service Award. She was development director of IMERSA and publicist for the Large Format Cinema Association, and has contributed to the publications of PLASA, IAAPA and the International Planetarium Society. Judith joined World’s Fair magazine in 1987, which introduced her to the attractions industry. She joined InPark in 2010. Judith earned a BFA from Pratt Institute. She has lived in Detroit, New York, Oakland, and now Saint Louis, where she is active in the local arts community.

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