CBRE Hotels is soliciting offers to acquire the fee-simple interest in the 267-room Best Western Ramkota Hotel located in Rapid City, South Dakota.
Located on an expansive 14-acre site at the northwest corner of the Interstate 90/La Crosse Street exit, the hotel is in proximity to some of the nation’s busiest attractions including Mt. Rushmore National Memorial, Badlands National Park, Crazy Horse Memorial and Custer State Park. The 1.2-million-acre Black Hills National Forest is directly to the west of Rapid City, providing breathtaking scenery.
The hotel is in very good condition, having undergone a comprehensive renovation in 2016 and 2017. Over $7 million has been spent on renovations over the last seven years.
The hotel’s well regarded Minerva’s Restaurant and Bar and 36,000 square feet of meeting space, have been leased for 20 years to a major regional food and beverage operator that operates over twenty restaurants, providing additional, stable operating revenue.
Investment Highlights
- Expansive 14-acre site near major attractions: Mt. Rushmore National Memorial, Badlands National Park, Crazy Horse Memorial and Custer State Park
- Hotel is in very good condition and underwent a comprehensive renovation in 2016/2017; over $7M spent over the last seven years
- Long-time lease of food & beverage outlet and conference center provides stable, additional revenue
- Rapid City is one of the country’s fastest growing communities
- More than 4 million tourists visit the area each year
- A 300-acre entertainment district directly east of the hotel is currently in the planning stages
- Unencumbered by brand and management
- Offered below replacement cost
For inquiries visit here.
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