The Waldport, Oregon hospitality property was a non-operational REO property. This 18 guestroom motel is located on .37 acre with 100 + ft of frontage along US HWY 101. The property was previously an America Inn & Suites that operated as a limited service budget motel. The property consists of one and two story wood framed buildings. Common areas include a small administrative office with a small lobby and a laundry room. It was built in 1962 with renovations completed in 1982 and 2002.
Advisor Brian Resendez represented the seller and the client’s goals was to get this non-operational hotel property off their books.
There were many obstacles in this sale because the property is an older, non-operational motel. The physical condition of the property was deteriorating the longer the property was on the market. Also, there were some issues with the City of Waldport and ODOT changing the code for lighting, curbs and ingress/egress into the property.
At the end, through working with the City of Waldport as well as the buyer and seller, Brian was able to close the property at near asking. The sale is going to be a tremendous benefit to community as the property was non-operational for several years and had become a location of deferred maintenance and vandalism.