The Salida Inn & Monarch Suites—an independent hotel in Salida, Colo.—has been sold by Imprint Hospitality in a deal facilitates by Prime Investment Properties.
The transaction closed May 8 for $2.7 million, or approximately $100,000 per key. Originally built in 1960, the two-story property covers approximately 13,500 square feet and has undergone renovations in recent years.
The 27-room hotel includes guestrooms with fully equipped kitchens, cottages, a hot tub, outdoor pool and multiple patio areas. The hotel was owned and managed by Denver, Colo.-based Imprint Hospitality, which specializes in independent and lifestyle hotels in the 30- to 100-room segment.
According to the Steamboat Springs, Colo.-based brokerage firm, the Colorado Southwest Area submarket recorded a 2.4 percent year-over-year increase in occupied room nights, supporting lodging demand in the region. Prime Investment Properties noted that Salida’s population is projected to grow 9.24 percent through 2029, contributing to long-term lodging demand in the market.
“The Salida Inn & Monarch Suites is a truly special asset in one of Colorado’s most beloved mountain towns,” Dan Emert, managing principal of Prime Investment Properties, said in a statement. “Salida has emerged as a top-tier outdoor destination, and this property—with its prime Highway 50 frontage, proven guest amenities, and renovation and expansion potential—represents exactly the kind of opportunity that resonates with hospitality investors who recognize lasting value and long-term upside.”