This California hotel for sale is a distressed sale as the property was foreclosed and became REO in January of 2013. The hotel is on a large, fee-simple site measuring approximately 12 acres and is located near the entrance to the State Park on the corner of Palm Canyon Drive and Montezuma Valley Road, which is one of the primary routes for east bound travelers into Borrego Springs. Site improvements are in very good condition.
The Palm Canyon Resort is offered a fraction of the replacement cost and recent valuation. The property was last sold in 2005 for more than $5 million dollars.
The Palm Canyon Resort is the first resort encountered by east bound travelers, with high visibility, and is proximate to the village area with restaurants and shops. Following proper renovations the property can be positioned very effectively towards value oriented travelers and tourists.
The resort is properly positioned, and in conjunction with a renovated and repositioned hotel, the 104-space RV Park could become a significant and stable profit center. Reopening the restaurant and saloon, with its rustic decor and spacious patio, could prove very profitable as well.
The hotel offers the only laundromat in town, though several machines are currently non-operating. A convenience store is located off the front desk.
A three-bedroom residence and a separate manager’s unit are located on-site. An involved owner/operator could build tremendous value with this opportunity.
Use the links below to contact the agents for this property. Comments on this blog post will not be received by the agents.
Maxim Hotel Brokerage
Direct Line: 949.759.8739
Maxim Hotel Brokerage
Direct Line: 949.759.8741
About Harry Pflueger: Harry Pflueger, Principal, specializes in investment sales in key western US urban and resort markets. Mr. Pflueger has sold hotels in California, Arizona, New Mexico, Nevada, Alaska and Colorado markets. Prior to founding Maxim Hotel Brokerage with Jack Carr, Mr. Pflueger directed the Western Regional hospitality practice for Insignia Hotel Partners, and prior to practicing brokerage in 1996, he was senior analyst for Hotel Partners, during which time he provided analysis for more than 60 exclusive hotel listings. He is a graduate of Cornell University’s School of Hotel Administration.
About Jack Carr: Jack Carr, Principal, specializes in single asset and portfolio investment sales throughout the western United States, with a specific emphasis in Las Vegas. Since 1995, he has been involved in over 125 hotel transactions, including more than 30 in Nevada. Previously, he worked for 10 years with Days Inns of America and its subsequent owner, Hospitality Franchise Systems (HSF). Mr Carr, a CPA, received his Bachelor of Science degree in accounting from the University of Kentucky.