Transforming Villa Roma Through the Property Improvement Plan (PIP)

Villa Roma is undergoing a $52.1 million renovation and expansion program designed to modernize the guest experience across hotel guestrooms, serviced apartments, common areas, new construction, and critical infrastructure. The scope of work is part of the Project’s Property Improvement Plan (“PIP”) and supports the overall business plan for this EB-5 Rural TEA project in Callicoon, Sullivan County, New York (Catskills Region).

EB-5 capital raised through the New Commercial Enterprise (“NCE”) is intended to be deployed into the Project in accordance with the offering documents and applied toward the capital upgrades, infrastructure improvements, and additions identified in the PIP. The renovations and new development are intended to support Project execution and EB-5 job creation planning, as reflected in the Project’s economic impact analysis.

Construction and Improvements (Property Improvement Plan (“PIP”)

EB-5 funding via the NCE will be applied to the capital upgrades, infrastructure, and additions identified and outlined in the Project Company’s Property Improvement Plan (PIP). The scope of the Project includes renovations, infrastructure upgrades, and aesthetic improvements as well as the addition of new features and amenities. The table below summarizes the scope of renovations by Resort area and amenity:

PIP Scope Summary (By Area)

Guest Rooms
(139)

Renovation of all hotel rooms, including FF&E and interior upgrades.

Serviced Apartments
(232)

Complete FF&E replacement and interior upgrades.

Common Areas

Upgrades to lobbies, wellness areas, and food & beverage outlets.

New Construction

New 15,000+ SF conference center and employee housing.

Infrastructure

Major upgrades to fire protection, HVAC, IT, and electrical systems to support long-term operational stability.

Construction and Improvements (Property Improvement Plan (“PIP”)

A comprehensive program of renovations, upgrades, and new development to transform the Resort experience.

1. Hotel
  • Full replacement of FF&E in all rooms, interior repairs and renovations
  • Hotel lobby renovation
  • Hotel public space renovation
2. Serviced Apartments

Full replacement of FF&E, interior repairs and renovations

3. Infrastructure & Systems Upgrades
  • Fire systems
  • Central ventilation
  • Electrical wiring upgrades
  • Water and sewage plant improvements
  • Laundry facility infrastructure and equipment
  • Computers & software systems
  • Technical system upgrades
  • Audio and lighting upgrades
4. Main Building Exterior

Repairs, painting / staining, façade and fountain improvements (main building frontage)

5. Streets / Roadways
  • Signage and road signs
  • Street lighting
  • Roads and parking lots
6. Conference / Meeting Space
  • Construction of a new 15,000+ sq. ft. executive conference space
  • Clubhouse renovations intended to enhance existing use for weddings, special events, and golf-related functions, and to support expanded use as additional meeting and event venue space
7. Dining (Food & Beverage)
  • Updates to existing dining venues, including:
  • Alba Nova (Hotel Main Dining Room, Hotel Third Floor)
  • Club Forum (Tivoli Lounge Bar, Hotel Bar, Hotel Ground Floor)
  • Charmanwoods (Event Dining, Golf Club House)
  • Villa Café (Coffee and snack bar, Hotel Lobby)
  • The Roman Garden (Italian and American Dining, Hotel Ground Floor)
  • The 19th Hole (Sports Bar and Dining, Golf Club House)
  • Altura (Tapas and Cocktail Bar, Ski Chalet)
  • Splash! (Pool Dining, Pool Area)
  • Eleanor’s Kitchen (Convenience Store and Pizzeria, Resort Grounds)
  • Bar Serata (Hotel Bar, Mezzanine Floor)
  • Marty’s Lounge (Hotel Bar, Ground Floor)
8. Recreational Amenities

Updates to existing amenities, including:

  • Indoor and outdoor pool upgrades
  • New pool chairs and cabanas
  • Recreation Center
  • Ice skating rink
  • Children’s play area
  • Ski lift upgrade
  • Retail shops
  • Fitness center
  • Spa services
  • Arcade

New recreation additions planned:

New outdoor pools: renovation and upgrade of the outdoor pool area, including a planned reconfiguration, the addition of new pools, and updated outdoor dining options.

Rural TEA
$800K Investment
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Job Creation
779 Jobs
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Timeline
25 Months
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Sponsor Strength
$4B+ Track Record
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Design Concepts for Renovations

Hotel Rooms (Full replacement of FF&E in all rooms + Repairs and renovations to interiors to all rooms) ​

Before

After

Renovation of hotel lobby​​

Before

After

Renovation of public spaces in the hotel ​​

Before

After

Serviced Timeshare Apartments (Full replacement of FF&E in all rooms | Repairs and renovations to interiors of all rooms)​​

Before

After

Façade & Fountain (Front of Main Building)​​​

Before

After

Signage and Road Signs​​​​

Before

After

Street Lighting​​

Before

After

Construction of a new 15,000 square foot executive conference space​​​​​

Renovation of existing hotel meeting rooms​​​

Before

After

Club House renovations to enable activation as a meeting venue​​

Before

After

Alba Nuova (main building restaurant)​​​​

Before

After

Club Forum – Tivoli Lounge​​​​​

Before

After

Integration of dining venue at Chamanwoods (clubhouse)​​

Before

After

Villa Cafe​​

Before

After

The Roman Garden (restaurant)​

Before

After

The 19th Hole Restaurant (Golf Clubhouse)​

Before

After

Altura (Peruvian restaurant at Ski Chalet)​​

Before

After

Splash! (The Pool Grill Restaurant)​​

Before

After

Eleanor’s Kitchen (Deli and Pizza restaurant)​

Before

After

Bar Serata (Mezzanine Bar)​

Before

After

EOLO (Pond Dining) *New Dining Addition​​

Juice store at Recreation Center *New Dining Addition​

Pool area upgrades indoor​

Before

After

Pool area upgrades outdoor + Creation of a new outdoor pool​​

Before

After

Recreation Center​​

Before

After

Children’s play area​​

Before

After

Ski Lift Upgrade​​

Before

After

Retail shops​​

Before

After

Recreation / Fitness Center​​​

Before

After

Spa Services​​​​

Before

After

Arcade​​

Before

After

Development of 100 unit (20 two-bedroom units and 80 one-bedroom units) of employee housing (approximately 80,000 total square feet)​​​​

Before

N/A *New Build*​

After

Construction and Improvements (Property Improvement Plan (“PIP”) Disclaimer
All designs, renderin.vr-pip-disclaimer-wrapgs, architectural drawings, plans, specifications, and descriptions shown on this Website (including this Webpage) of Property Improvement Plans are conceptual and for illustrative purposes only. They are indicative of current intentions and are subject to change, revision, value engineering, permitting or authority requirements, and availability of materials and labor. Nothing shown constitutes a representation, warranty, or commitment that any particular improvement will be made, or that the final design, scope, finishes, dimensions, or timing will match what is depicted.

New Additions (Planned)

In addition to renovations of existing accommodations and amenities, the Job-Creating Entity (“JCE”) plans to add new features intended to enhance the guest experience and support additional demand.

Added features include:

Conference Center

A new 15,000+ square foot conference center is planned.

New Dining Options

Planned additions include EOLO (a dining concept at the pond site), OKAGA (a contemporary Japanese restaurant at the ski chalet), and a new juice café at the recreation center. A new dining concept is also planned for the Clubhouse.

Employee Housing

Approximately 80,000 square feet (100 units) of employee housing is planned on the Property grounds, consisting of one- and two-bedroom, intended to support workforce needs.

Timeline & Implementation Approach

The property was acquired by the Sponsor in 2024. The Project is proceeding through planning and design, and the JCE has engaged specialists, including construction experts, lighting professionals, food and beverage consultants, and interior designers. The Project team has organized renovations into five zones for implementation. Restoration, repairs, and infrastructure upgrades are expected to be addressed first, while design plans and construction documents are prepared for structural renovations and new ground-up construction.

Renovation activities are currently underway from the end of November 2025 and are projected to occur through to the end of December 2027 (approximately 25 months). The Resort is expected to remain operational while the PIP is implemented, with guestrooms and serviced apartments updated in sections to support continued room availability.

Dec 2025
Phase 1 – Planning
Design finalization, permits, and contractor selection.
Mar 2026
Phase 2 – Start
Begin comprehensive room and common area renovations.
Dec 2026
Phase 3 – Mid-Point
Target completion of ~50% renovations.
Dec 2027
Phase 4
Full transformation complete and operational.
Dec 2028
Phase 5 – Stabilization
The resort is expected to stabilize within one year of renovation, with higher occupancy, ADR, and net operating income.

PIP Permits

he Job-Creating Entity (“JCE”) expects to obtain required local permits and approvals for certain renovations (including electrical and structural upgrades) as well as new construction contemplated by the Property Improvement Plan (“PIP”). As the Project is currently in the planning stages, permitting applications and related approvals are in process and are expected to be completed as needed prior to commencement of the applicable work.

Design Concepts Disclaimer (PIP)

All designs, renderings, architectural drawings, plans, specifications, and descriptions shown on this website relating to the Property Improvement Plan (PIP) are conceptual and for illustrative purposes only. They reflect current intentions and are subject to change, revision, value engineering, permitting or authority requirements, and availability of materials and labor. Nothing shown constitutes a representation, warranty, or commitment that any particular improvement will be made, or that final design, scope, finishes, dimensions, or timing will match what is depicted.

How the $52.1 Million PIP Budget Is Deployed

Focusing on revenue-generating areas while funding essential new construction.

PIP Uses of Capital
Category Amount (USD)
FF&E$7.8m
Renovations$30.8m
New Construction$8.4m
Soft Costs$5.1m
Subtotal PIP$52.1m

Additional $29m allocated to existing resort valuation. Total project ~$81.1m.

PIP budget pie chart