- What The Ramada Inn by Wyndham and the Chinook Motel are on the block in Lethbridge
- Why The valuation for the 86-room portfolio is $91,000/room
- What next Grand Realty has the assignment
Two revenue-producing hotels in Alberta are on the block for $7.8m.
Grand Realty is marketing the 66-room Ramada Inn by Wyndham and the 20-room Chinook Motel, both in Lethbridge, on behalf of an unidentified owner. The valuation for the 86-room portfolio works out to about $91,000/room.
The deal includes the sale of the operating business as well as the hotel properties. The marketing campaign is targeting investors active in the hospitality sector.
At 1303 Mayor Magrath Drive South, the Ramada Inn by Wyndham was built in 1974. Amenities include True Swing Indoor Golf, a dry sauna and a fitness centre. The Chinook Motel is adjacent to the Ramada at 1245 Mayor Magrath Drive South. It has a fitness center.
The hotels are near Nikka Yuko Japanese Garden, Henderson Lake Golf Club and Spitz Stadium. Pure Casino Lethbridge, the University of Lethbridge and Lethbridge Airport are within 5 km of the properties.
In 2020, Calgary-based non-profit The Mustard Seed sought approval to rezone the hotels and convert them to permanent supportive housing, according to Lethbridge News Now. However, it did not receive the federal funding needed to purchase the properties, and no deal was reached.
Approximately 175km from Calgary, Lethbridge is known as the commercial centre of southern Alberta. It’s within the Canadian Badlands and is roughly 55 km from the Rocky Mountains.
Ramada Inn is a full-service hotel line owned by Wyndham Hotels & Resorts.
