FIVE THINGS WE DIDN’T KNOW BEFORE BUYING THE HOTEL

When we purchased the Knox Hotel back in April, 2021, we were as prepared as we could be. We did our homework: months of research, phone calls, meetings… Despite all of our planning, there were five things that we didn’t see coming, five unexpected challenges that have pushed us to rethink and adapt.

1. Looming Inflation and Supply Shortages

When we began planning the renovation, we were in the middle of the COVID-19 pandemic, but the long wave of rising prices and supply shortages hadn’t hit yet. Even in the first few months after purchasing the building, prices were only slightly higher than they had been, and everyone expected them to go down.

The first sign of trouble came in May and June, as we started meeting with contractors. They talked of how difficult it was becoming to get materials, such as breaker boxes, wiring, and even plain old paint! Fortunately, we were early enough to avoid some of the shortages.

Then prices started to soar (even later as materials became available again). Let’s put some numbers to this. When we first started putting together our investment packet and estimated the renovation costs, the price of a sheet of drywall was around $10. Today, a sheet of drywall costs $17, and at one point was even over $20! Let me tell you, when you’re 300 sheets in, and less than halfway done, that $7 makes a big difference!

Early on, I remember some contractors saying that there was no way prices could stay this high. Well, I don’t hear that anymore. It’s been two years, and prices are still high! 

And while we could choose to just be frustrated with the whole situation, the increase in prices have forced Dane and I to be creative. We’ve offset the costs by doing more ourselves, being creative with materials we have, and gaining skills we never thought we could.

2. A New Addition to the Family

We had no idea Duncan would be joining our family. 🙂 Clarification: I wasn’t pregnant before we bought the building, we just didn’t know what the future held at that time.

And while babies bring sleepless nights and smelly diapers, they also bring so much joy! Duncan was a ray of sunshine on the darker days, during some of the low moments with the hotel. He forced us to smile and helped us remember the bigger picture.

3. Where, Oh Where, Did All the Plumbers Go?

If you have been following along since the start of this renovation, you might remember that we had a really difficult time finding a plumber to take on this project. We knew plumbing was the first system to install, and all others would work around it. We worked our way through the list of plumbers–independent plumbers and larger contractors–from locally in Princeton to as far as 60 miles away. Most said “no” before even seeing the project in person. It was too big and complicated.

But you want to know my favorite part of this “setback?”

When we finally found a plumber (thank you, Lord!), in order for him to install the plumbing on the second floor, he needed more access than we had anticipated. In fact, he needed to start on the third floor and work down. So, all the lath on the third floor needed to be removed, and, luckily, already was! Yup, you read that right, all those days tearing down lath and waiting for a plumber wasn’t for naught!

It wasn’t in our plan to remove the third floor lath at that time, but God knew we would need to. God wasn’t holding out on us at all. In fact, he was doing the exact opposite and making sure we were prepared for His provision! cue the goosebumps…

4. Limited Support for Historic Renovations

One of the most disappointing discoveries was the lack of grants and programs available for for-profit historic renovations. Honestly, I’m still trying to figure out what the blessing is here being disguised.

When we were doing our research for our investment packet, we had many conversations about grants and historic preservation funds. We knew many did not apply, simply because we weren’t a non-profit. It was only after beginning the renovations that we found out how few we were qualified to apply for, or what requirements they included.

Unfortunately, the few programs available would not have allowed us to create the hotel we knew the building could become. For example, the Historic Preservation Tax Credit required all corridors remain unchanged, and the “purpose” of each space had to remain the same. We wanted to create a lobby in a building that never had one, which was not allowed, so we chose not to pursue it further.

We also explored the Economic Development Zone, which provided a similar tax credit. Ironically, Princeton’s zone started next to the hotel, but did not include it… We inquired about being added to the zone, which was possible, but would take around 5 months. The kicker? If we wanted to qualify, we couldn’t lift a hammer until final approval came through. 5 months of doing nothing in exchange for tax credit? We passed on that one too.

But despite not being able to use those grants and funds, I believe the changes we are making are going to be well worth it. We are able to create a space that more guests and our community will be able to enjoy and that is really important to us.

That all being said, we are still hopeful! There is a local grant through the Princeton Chamber of Commerce, and some other private preservation grants that come around once in a while.

5. Antique Donations from Across the Country

Since before Dane and I purchased the hotel, we planned to use antiques throughout the building and in the rooms. My love for antiques started at a young age; my grandparents owned an antique store that I frequented with my mom. I loved seeing all the beautiful furniture and playing with the antique toys. And even though I knew I wanted antiques throughout the hotel, I was very aware that they can come with a hefty price tag. I wasn’t really sure how we were going to fill our rooms with antiques without breaking the bank.

If you told me that the hotel would be filled with donated antiques two years ago, there’s no way I would have believed you. It has been one of the best surprises and greatest blessings throughout this renovation. We are so grateful for every piece and have loved being able to give them a permanent home at the hotel!

We Didn’t Know, but God Did

Reflecting on all of these things, I’ve been forced to remember that even though we didn’t know all of what was ahead, God knew. He knew donated antiques would fill the rooms. He knew that we would need to clear out more lath before a plumber could get started. He knew that we needed Duncan to help us through the hard days, and He knew that inflation would lead us to gaining skills we would need for other parts of the hotel.

“‘For I know the plans I have for you,’ declares the Lord, ‘plans to prosper you and not to harm you, plans to give you hope and a future.” – Jeremiah 29:11

So, if you’ve made it this far, thank you for reading! Maybe you also have felt like God is holding out on you, and believe me, I get it! But I hope our story encourages you in knowing that His ways are truly perfect and He wants you to prosper! We don’t always have the gift of hindsight in the moment, but He is working for your good! (Rom. 8:28)