Bear Valley Inn
Craig,
CO
Broker: Erich Ehrenstrasser
Phone:
(303) 989-2100
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Newspaper Article - All busy on the Western
Slope
Charming
Country Lodge / Booming Energy Region / Wonderful
Living
Asking Price: $1,750,000
Cap Rate
14.6%
Down Payment $350,000
Cash-on-Cash Return 40.5%
LOCATION
& AREA:
This beautiful and
charming 31-Guestroom property in northwestern Colorado offers a
fabulous location directly across the street from the Moffat County
Fairgrounds. It is also the first motel on the westbound right-hand
side of the famously scenic U.S. Highway 40. Craig, the county seat,
with a population of approximately 10,000 residents, is rich in
recreational opportunities, natural resources, and Old West lore. It
is situated at an elevation of 6,186 feet. County population stands
at approximately 14,000.
At the
mid-point between Denver and Salt Lake City, Craig is the economic
hub of Northwest Colorado. The very busy U.S. Highway 40 leads on to
Dinosaur National Monument (about 65-miles), west to Vernal, UT
(about 120-miles), and Salt Lake City (about 295-miles). Grand
Junction is 135-miles to the south, and Colorado’s Capitol, Denver,
is about 200-miles to the southeast. Driving north on Colorado
Highway 13, which intersects with U.S. Highway 40 in Craig only a
short distance from the Inn, will bring you to the Grand Teton and
Yellowstone National Parks. Craig has its own municipal airport,
however, within a 20-minute drive lies the Yampa Valley Airport in
Hayden, featuring year-round commercial flights to major
destinations.
IMPROVEMENTS:
A total of 31
large and beautiful guestrooms are located in two very nice
buildings that have been perfectly kept up. The first is a one story
building with 19 guestrooms that was constructed in 1955, and the
second is a 2-story building with 12 guestrooms that was constructed
in 1978. The 1-story building has a brand-new ‘standing-seam’ metal
roof, installed in 2005. Heating and cooling is provided via
individual HVAC units. Each guestroom features a state-of-the-art
telephone system, wireless high-speed Internet, 25-inch color
television sets, hair dryers, coffeemakers, refrigerators, and
microwaves. New carpets, drapes and comfortable soft goods are in
place. The property does serve a continental breakfast.
A
separate, yet connected, building contains the motel’s front lobby,
reception desk, and breakfast area. Very nice, approximately 1,800
square feet in size, 3-bedroom/2-bath owner/manager residence is
situated in back of the reception area. This living area also
features a large living room, dining room, light-oak kitchen,
personal laundry room, and other necessities. There is also a
wonderful, fenced backyard.
All facilities are in good
condition and city utilities are in place. The land area, consisting
of approximately 1-acre (+), is landscaped with mature trees and
shrubs. The concrete and asphalt parking lot is in excellent
condition, and an attractive 800-square foot patio with
flower-filled planter-boxes provides great curb appeal. Surplus land
allows for another ten guestrooms.
ANNUAL EXPENSES:
2007 property
taxes were approximately $14,214, and hazard & liability
insurance was approximately $4,917. Utilities, including
electricity, natural gas, city water & sewer, and Cable TV/HBO
were approximately $40,705; and business telephone expenses
(including owner personal calls) were approximately $5,296. Motel,
office and continental breakfast supplies were approximately
$19,857. Expenses, as declared on IRS Tax Returns, as well as
normalized actual expenses, can be reviewed on the available
Financial Analysis.
REVENUES:
2007 Guestroom
Revenues were approximately $407,000.00 net of Sales & Lodging
Taxes. Current 12-Month Revenues through March 31, 2008, are at
approximately $428,500.00, $21,500.00 ahead of 2007 without raising
the property’s room rates. While all numbers are approximate, IRS
Tax Returns will be available to qualified Buyers. 2007 motel
occupancy was approximately 65%, and Average Daily Rate (ADR) was
approximately $55.30.
TERMS:
Cash, Conventional, or
SBA. Anton Hospitality will assist a qualified Buyer with the
procurement of viable financing.
ROCKY MOUNTAIN NATURAL RESOURCES:
Coal mining in Moffat County has been active and profitable for
an extended period of time. This is because some 300 million years
ago, during the Pennsylvania and Permian geologic periods, a shallow
sea covered most of the region southwest of Craig. Along the edges
of this desert lake, eons of wind and waves have built up huge sand
dunes, and beneath those sand dunes lie millions of barrels of
natural oil and gas.
Now. new natural oil and gas exploration
and production permits issued by the Federal Department of the
Interior have caused the beginning of serious drilling activities
and pipeline construction managed by Chevron, Exxon, Shell, and
other major firms.
LOCAL & AREA ATTRACTIONS:
World-class skiing awaits you at a short, 35-minute drive to the
east on Mount Werner at world-renowned Steamboat Springs. Craig and
the entire region also features superlative fishing, world-class
hunting, rafting and boating on crystal-clear rivers and scenic
lakes. Museums, churches, excellent schools, shopping, restaurants,
and fabulous year-round recreational facilities like a beautiful
18-hole golf course with gorgeous scenic views of the Yampa River
Valley, will be at your beck and call.
Eagles, Sandhill
cranes, pronghorn antelope, deer, elk, antelope, wild horses, and
mountain lions can be spotted from highways and county roads winding
through the breathtakingly beautiful Rocky Mountain region. Miles of
scenic roads, bike paths, and hiking trails through high desert
plateaus, canyons, and mountain valleys are at your pleasure.
Dinosaur National Monument is close by, and the Yampa River offers
trout fishing, white-water rafting and canoeing, Freeman Reservoir
and Ralph White Lake, located just northeast of town, allow for
boating, swimming, and world-class fishing. The Northwest Colorado
Museum chronicles the area’s history, and a recreation center with
the city swimming pool offers a much-enjoyed wave-pool, tennis
courts, and an indoor ice-skating rink. An ever-growing variety of
restaurants, stores, and services are available. Craig is also home
to CNCC Community College.
DINOSAUR NATIONAL MONUMENT is
located about 65-miles west of Craig. A river flowed through this
area 150 million years ago, and many dinosaurs lived near it. Some
died near the river, and when it overflowed during rainy seasons,
the current picked up some of the carcasses, a few whole ones, but
mostly only their bones. The river deposited the remains in the main
channel, and buried them in sand and gravel to be excavated eons
later, when on August 17, 1909, 20 miles east of Vernal, Utah,
paleontologist Earl Douglass discovered a 200-foot long sandbar of
sorts, layered with prehistoric plant and animal fossils. Douglass
and his crew excavated about 350-tons of fossils, including full
skeletons and remains of some dinosaur species previously unknown.
Over 2,000 dinosaur bones are exposed in the sandstone wall, and
complete skeletons are exhibited in museums throughout the nation.
Today the 200,000-acre area features the most productive Jurassic
Period dinosaur quarry in the world.
WEBSITES
OF INTEREST:
Bear Valley
Inn
Craig Chamber of
Commerce
City of
Craig
Craig Community
Profile
Northwest Colorado
Showcase
White River National
Forest
Dinosaur National
Monument
Information herein has been
obtained from what are believed to be reliable sources, however,
Anton Hospitality Brokers, Inc., cannot guarantee its accuracy.
References and information contained herein are approximate only and
are subject to changes and errors. Assumptions are based on
professional management and marketing of the property and future
operating results will vary depending on ownership. Buyers must
conduct their own investigation and due diligence and consultation
with a professional financial advisor is highly recommended. Price
is subject to change without notice.
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