COOKE CITY, MONTANA. Mike Icardo Realty

Transcription

1 COOKE CITY, MONTANA Contact Marc Wass Licensed in Idaho and Montana ID (208) MT (406) (Voice)

2 Summary of Offering 32 Room Updated Hotel Additional Land For Parking Full Service Restaurant and Bar Fully Equipped and stocked Maintenance Shops Guest Laundry Area Well Equipped Commercial Laundry USPS Lease Space Offsite Manager s Residence

3 Table of Contents Section 1 Section 2 Section 3 Section 4 Property Description Location Analysis Pricing and Financial Analysis Demographic Links

4 Property Description Section 1

5 Investment Overview Investment Highlights Current Absentee Ownership Increasing Revenue Stream and Cash Flow Recent Room and Restaurant Renova on Three story, Interior Corridor Property Located at the Northeast Entrance to Yellowstone Na onal Park Located On the Beartooth Highway This independent hotel is a full service hotel which includes renovated standard rooms and larger family suites for guests. The hotel offers a full service restaurant and lounge open seven days per week. The hotel has just finished a major renova on of most guest rooms, and restaurant and lounge area. The renova on included a stud up renova on. Upon entry guests are welcomed by a grand fireplace and mbered lobby area. The hotel is ideally located on Highway 212 just outside the entrance to Yellowstone Na onal Park and Scenic Beartooth Highway. The property has excellent proximity to guest ameni es. An Exxon gas sta on is located con guous to the West and the US postal service has a leased facility onsite. A souvenir shop is located across the street. The onsite Restaurant and Lounge offers a full service menu that includes all meal services including steaks and seafood for the dinner hour. The lounge offers all beverage service and owned gaming machines for an addi onal revenue source. This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

6 Property Summary The Offering Property Soda Butte Lodge Property Address 210 Main Street E, Cooke City, Montana Tax ID , , and 000M Site Description Total Area 1.7Acres Year Renovated Type of Ownership Parking Handicapped Parking Truck/Trailer/Motor Home Parking Property Tier Location Type Current Fee Simple Above Average Ample Good Independent, Standard Plus Destination/Resort/Recreational Room Breakdown Total Number of Guest Rooms Total Employee Rooms Manager Home (Manufactured/Offsite) Owners Living Quarters (Onsite) 32 Rooms 7 Rooms 1 Home 1 Bedroom Apartment This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

7 Property Summary Construction/Mechanical Foundation/Framing Exterior Parking Surface Elevator Roof HVAC Fire/Life/Safety Concrete/Wood/Timbers Siding Asphalt/Gravel /Concrete None Rolled/Shingle/Metal Boilers + Electric BB Fire Extinguishers, Smoke Detectors Interior Room Detail HVAC/Condition Type of Bath/Shower/Condition Bath Floor Type/Condition Furnishings/Condition Window Covering/Condition Room Floor Type/Condition Wall Coverings/Condition Television Type/Condition Phone System Voice Mail Internet Access Mixed/Good-Excellent Tub/Shower and Combo/Good-Excellent Tile/Good-Excellent Newer Rustic Appropriate/Good-Excellent Draperies/Good-Excellent Carpet/Mixed Average-Excellent Paint Good Excellent Flat Screen Good Available Available Wireless - High Speed This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

8 Features and Amenities Common Area Features Full Service Restaurant Lounge Area with Gaming Machines Renovated Public Bathrooms Warm Timbered Recep on Area This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

9 Features and Amenities This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

10 Features and Amenities Room Ameni es Flat Screen TVs Updated FF&E Package Large Family Suites Updated Bathrooms/Vani es Newer Bedding Some Creek View Rooms This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

11 Location Section 2 This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

12 Location Cooke City is located only a few miles from the Northeast Gate of Yellowstone Na onal Park, it is surrounded by Yellowstone Na onal Park, Custer/Galla n Na onal Forest and two Scenic Byways; The Beartooth Highway and Chief Joseph Highway. In 2016 Yellowstone Na onal Park had 5,130,513 visits with 231,267 occurring through the Northeast Gate of the Park. The population in the Colter Pass, Cooke City, Silver Gate area is approximately 100 people year round and 300 people during the summer. The one room school serves K-8th grades. For school information contact the Park County School District. Enrollment in the recent past has ranged from 3 to 10 students.

13 Location The Chief Joseph Scenic Highway, State Hwy 296 is a spectacular 46 mile drive from Cody, Wyoming to allowing passengers to view the beau ful landscape and abundant wildlife. The drive allows access to the Northeast entrance of Yellowstone Na onal Park and the Beartooth Highway. The Chief Joseph Scenic Highway, also known as the Sunlight Basin Road, star ng just outside Cody, Wyoming, passes breathtaking sights such as the Yellowstone River and Heart Mountain. Visitors have the opportunity to view a huge array of wildlife at each turn. The Chief Joseph Highway offers unbeatable views of Wyoming and the chance to view areas of geological interest. From May 31 September 30th total traffic on the Beartooth highway was 178,904 vehicles. Nonresidents represented 91% of total traffic: 76,147 through YNP NE entrance; 57,727 from Red Lodge; 28,391 from WY Highway 296. From the area, visitors who leave Yellowstone National Park through the northeast entrance will find themselves on the Beartooth All- American Road. The Road travels through the historic mining communities of Silver Gate and Cooke City, Montana, and continues on for 68 breathtaking miles past the Beartooth-Absaroka Wilderness and over the Beartooth Plateau at an elevation of feet and to Red Lodge, Montana.

14 Location Cooke City is a li le town nestled in the heart of some amazing mountain scenery right along the Montana/Wyoming border, just outside the northeast corner of Yellowstone Na onal Park. Ever wondered what exactly was placed at the edge of the earth? Well, in the winter me, the answer would be every snowmobiler's paradise Cooke City. A er the snow flies, there is only one way in and one way out of this quaint li le town, giving you the feeling this really is the end of the earth. Upon arrival you'll find there is no reason to travel on any further. The Colter Pass, Cooke City, Silver Gate area provides the state s best snowmobiling as supported by SnoWest Magazine who rated Cooke City #1 in Offering 60 miles of groomed trails that are maintained by the local volunteer snowmobile club. Cooke City snowmobiling can start in early November and can end in late June or July. Cooke City is famous for late riding where winter snow condi ons can o en be seen in the late spring. Cooke City spring riding allows access to areas that may have been out of reach for some in normal mid winter condi ons so extend your riding season and come to Cooke City. SnoWest Just west of the Beartooth Pass (eleva on 10,947 feet) is some of the best backcountry riding Montana has to offer. You literally ride from your lodging's doorstep (Soda Bu e Lodge) and you quickly rise from Cooke City's eleva on at 7,600 feet to more than 10,000 feet in no me at all. While the trail map only shows 60 miles of groomed trails, we challenge you to cover it all over the course of three or four days.

15 Location Cooke City Snowmobiling Steep and Deep One of the World's Premiere Snowmobiling Destinations

16 Competitive Properties Soda Bu e Lodge is one of two major hotel proper es in Cooke City. It is the only major full service facility in the Cook City Area. The primary compe on is the Limited Service Cooke City Super 8. Various other mom and pop, small room count motels and cabin type resorts are in the area. In addi on to tradi onal lodging op on Vaca on Rental By Owner and bed and breakfast op ons are also available. This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

17 Pricing and Financial Analysis Section 3

18 Financial Analysis SUBJECT OFFERING PROPOSED FINANCING Proposed Loan Amount $1,725,000 Loan Type Proposed New Interest Rate 5.25% Total Investment $2,300,000 Lodge/Restaurant/Lounge $1,700,000 Additional Property (Optional)* $600,000 Total Guest Rooms 32 Additional Parking Area* Ample Manager s Residence* 1 Generator Building 1 Total Land Area ±1.7 Acres Type of Ownership Fee Simple Amortization 20 Years Loan Program Conventional Loan to Value 75% Annualized Payments $141,368 Total Investment Price $2,300,000 Down Payment (25%) $575,000 Proposed New Loan $1,725,000 Offered at less than 1.5x Gross Cap Rate ±15% This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

19 Demographic and Location Links DEMOGRAPHIC LINKS AND INFORMATION h p://beartoothhighway.com/ h p:// h ps:// h p:// to do/scenic byways/ chief joseph scenic byway/ h p:// This informa on has been secured from sources we believe to be reliable, but we make no representa ons or warran es, expressed or implied, as to the accuracy of the informa on. References to square footage or age are approximate. Buyer must verify the informa on and bears all risk for any inaccuracies.

20 The informa on contained in the following Marke ng Brochure is proprietary and strictly confiden al. It is intended to be reviewed only by the party receiving it from Associated Brokers/ and should not be made available to any other person or en ty without the wri en consent of Associated Brokers/. This Marke ng Brochure has been prepared to provide summary, unverified informa on to prospec ve purchasers, and to establish only a preliminary level of interest in the subject property. The informa on contained herein is not a subs tute for a thorough due diligence inves ga on. Associated Brokers/ has not made any inves ga on, and makes no warranty or representa on, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contamina ng substances, PCB's or asbestos, the compliance with State and Federal regula ons, the physical condi on of the improvements thereon, or the financial condi on or business prospects of any tenant, or any tenant s plans or inten ons to con nue its occupancy of the subject property. The informa on contained in this Marke ng Brochure has been obtained from sources we believe to be reliable; however, Associated Brokers/Mike Icardo Realty has not verified, and will not verify, any of the informa on contained herein, nor has Associated Brokers/Mike Icardo Realty conducted any inves ga on regarding these ma ers and makes no warranty or representa on whatsoever regarding the accuracy or completeness of the informa on provided. All poten al buyers must take appropriate measures to verify all of the informa on set forth herein. Associated Brokers/ is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee iden fied in this marke ng package. The presence of any corpora on s logo or name is not intended to indicate or imply affilia on with, or sponsorship or endorsement by, said corpora on of Associated Brokers/, its affiliates or subsidiaries, or any agent, product, service, or commercial lis ng of Associated Brokers/, and is solely included for the purpose of providing tenant lessee informa on about this lis ng to prospec ve customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR ASSOCIATED BROKERS AGENT FOR MORE DETAILS. Contact Marc Wass, Licensed in Idaho and Montana ID (208) MT (406) (Voice) WassRealEstate@Gmail.com