IN CONTRACT – This property is currently IN CONTRACT with a Buyer in the first position. The Seller will consider offers in the second backup position only.
Fully Upgraded Historic Hotel with Excellent Financials
The Marigold Hotel is a 47 key, 2-story, exterior corridor property with strong financials and excellent cash flow. Completely updated in 2018, this historic hotel features over $560,000 in Capital Improvements, and an attractive mix of guest rooms including Doubles, Queen Doubles, King Singles, and King Doubles with full-size jacuzzi tub. Proximity to downtown restaurants and events, along with highway access and a designated parking garage, make this an attractive hotel for both commercial and leisure travelers. This property features Owner’s Quarters, with 2 bedrooms, 2 bathrooms perfect for Owner/Operator, or for Manager’s Quarters. High traffic location with tons of potential. On-site commercial kitchen with appliances, fridge, and walk-in cooler. Huge upside potential in running or leasing restaurant. Second-floor banquet room, currently used for storage, offers the ability to create income from event/meeting area or additional rooms. Buyer to conduct all investigations into suitability for use.
Best known for its legendary rodeo, fine woolens, and leather craftsmanship, Pendleton has a well-deserved reputation as a town where the best of western tradition and heritage lives on. Museums celebrate the rich traditions of pioneers, cowboys and Native Americans. Find fine craftsmanship at the Pendleton Woolen Mills, working saddle shops and Native American beading. Enjoy genuine thrills at The Underground Tours and world-famous Pendleton Round-Up Arena. Bikers, cyclists, and sportspeople love this location at the base of the Blue Mountains.
Building size is approximate and all information is obtained from sources deemed reliable but subject to buyer verification. All property tours must be arranged through the broker. DO NOT CONTACT PROPERTY OR EMPLOYEES!
Selling Broker co-op (if available) contingent upon receipt and CIP approval of Buyer Registration in advance of receipt of the marketing package, financials, and presentation of offers. No co-op without CIP approval of Buyer registration. Please call with questions regarding this requirement.
Special Property Features Include:
- Proximity to Historic Downtown Pendleton
- Spacious 2 Bedroom/2 Bath Owner’s Quarters
- Completely Renovated Throughout
- Excellent Financials & Strong ROI
- Suitable for Franchise if Desired
- Full Commercial Kitchen – Potential Restaurant
Property Details
Keys: 47
Location: Metro, Highway
City: Pendleton
State: OR
ZIP: 97801
Type: Independent, Boutique, Select Service
Cap Rate: 13.99%
GRRM: 3.78
ROI/Cash Flow: 41.21%
Financing: New
Additional Features:
Owner / Manager Quarters, City Center, Exterior Corridor, Remodeled, Banquet Facilities, Economy
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