The four-year-old hotel is about a half-mile from Chinook Winds Casino, a mile from a factory outlet mall and within 30 miles of five different gold courses. It includes an indoor swimming pool, spa, sauna, exercise room, laundry and conference facilities.
The price tag: $4.95 million. The broker, Melvin Mark's Tim Parker, says that price would translate to a 9% cap rate for the buyer. Why is he selling it after only two years? "He's more of a passive investor and this need a more active investor," says Parker, declining to reveal what Sheetz paid for the property.
As for competition, Parker says there are maybe 25 hotels in the area, and up in Seaside there is a similarly-sized and priced Best Western on the market. "The market in hotels has been really through this year," says Parker. "And coastal properties tend to do better in times of recession, as people take more vacations within their home state."
The Ashley Inn is located at 3430 NE highway 101. Parker tells GlobeSt.com he expects it won't take longer than six months to find a buyer.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
