Pendleton, OR Offered for sale at $1,650,000
The Marigold Hotel is a 47 key, 2-story, exterior corridor property zoned Central Mixed Use (C-MU) – residential use permitted. This historic hotel was completely updated in 2018, includes over $560,000 in Capital Improvements. The hotel is centrally located downtown with excellent proximity to restaurants, stores, and galleries. In addition, highway access and a designated parking garage make this an attractive property with development potential. Zoning creates the opportunity to convert to residential for ~$35,000 per key!
The hotel offers an attractive mix of guest rooms, including Doubles, Queen Doubles, King Singles, and King Doubles, with a full-size jacuzzi tub. On-site Owner’s/Manager’s Quarters, with 2 bedrooms and 2 bathrooms, creates opportunity to include this unit to room mix for additional keys. The property includes a full commercial kitchen with appliances, a refrigerator, and a walk-in cooler—huge upside potential in running or leasing the restaurant space. The second-floor banquet room, currently used for storage, offers the ability to create income from the event/meeting area or additional rooms.
Hotel is not currently operating. 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 the 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.