September 25, 2020
Announcing the Sale of The Ouray Inn in Ouray, Colorado
Denver, CO – September 25, 2020 – Alex Kovacs, CCIM , Commercial Broker & Advisor at Madison Commercial Properties, is pleased to announce the sale of the Ouray Inn, a boutique hotel located at 120 W. 6th Avenue, in Ouray, Colorado. The Ouray Inn is centrally located in downtown Ouray, “the Switzerland of America”, approximately 1 block west of Main Street, at the center of retail shopping and restaurants. The charming hotel was constructed in 1955, and consists of log construction. It contains two attached buildings, with 19 rooms. The hotel operates with a Bed and Breakfast license, and so is permitted to serve breakfast and daily happy hour drinks without regulatory oversight required for standard hotels. Alex Kovacs represented the seller, and handled both sides of the transaction.
Despite the challenges facing the hospitality industry due to COVID 19, Alex was able to arrange financing of the sale with a 75% conventional loan with Citizens Bank in Ouray. Financing a hotel in today’s economic climate is extremely challenging, The purchaser was an out of State family who will be living their dream of living in a resort community in Colorado, in one of the most scenic communities in the State. Surprisingly, revenues at the hotel will at least equal the number achieved pre-pandemic.