Columbia Gorge Hotel Closes

[RoseCtyRoks]

Foreclosure proceedings have begun for the hotel, built in 1921. I've loved this place.....the views, wow! Hopefully, someone will come in and take over (and take care of ) this landmark. Pretty amazing how abruptly it just shut down... ... Anyone with 5.9 mil layin' around?


http://www.oregonlive.com/news/index.ssf/2009/02/landmark_columbia_gorge_hotel.html

[Pavlov's Dog]

Originally Posted by RoseCtyRoks

Foreclosure proceedings have begun for the hotel, built in 1921. I've loved this place.....the views, wow! Hopefully, someone will come in and take over (and take care of ) this landmark. Pretty amazing how abruptly it just shut down... ... Anyone with 5.9 mil layin' around?


http://www.oregonlive.com/news/index.ssf/2009/02/landmark_columbia_gorge_hotel.html

I'd say $5.9 million is a bargain for 39 rooms. The lot is plenty big that somebody with capital could make the needed additional building to capitalize on the location and brand. Underground parking and some noise dampening from the freeway would do wonders too.

Even as is somebody should be able to make a go of it if they aren't highly leveraged. Assuming you could get financing you really only need $2 million layin' around.

[davehogan]

Without a massive expansion (add at least 65 rooms) it's not going to be possible to get a national brand. Without a national brand (or at least getting up to 70 or so rooms, with a staff of 130) you're going to be fairly screwed. 130 staff members means a lot of costs, and with only 39 rooms your profit margins are fairly limited.

Luxury and Ultra-Luxury hotels, especially the really small ones, are not a great investment right now. 39 rooms is a tiny, tiny hotel. I'm not sure Hood River needs enough hotel rooms to make it worth getting this into a national network.

I would be pretty excited if someone saved this place though, but in order to save it some degree of expansion will be needed. Looking at the property, there is space but I'm not sure about local support for the density of buildings that would likely be required.