Monday, June 13, 2011
Another downtown anchor business is slated for a change. Current owners of the Hood River Hotel, Brian and Penny Cunninghame, have placed the historic property up for sale.
In a letter to their employees and other building tenants, dated April 27, the Cunninghames spelled out the facts and shared a bit of their feelings as well.
"After nearly 11 years of owning the Hood River Hotel, my wife and I have decided that it is time to put the hotel up for sale," stated the Cunninghames' letter. "This has been a difficult decision for us to make; however, we feel it is time. Owning the hotel has been a wonderful experience for us."
Listed for sale at $5.5 million with Colt Listing Service of Hood River, the property sale will also affect retail establishment tenants Mystic Mud Pottery and Made in the Gorge. The hotel's catering business, Blossoms Catering, and the Cornerstone Cuisine restaurant inside the hotel, will also be a part of the sale.
According to Greg Colt with Colt Listing Services, there have been buyer inquiries on the property prior to the listing.
The National Historic Landmark-registered hotel was purchased and completely rehabilitated and refurbished by Pasquale and Jacquie Barone in 1989. The Barones owned the hotel for just over 10 years prior to selling to the Cunninghames in 2000.
"The great thing about this hotel is that the entire staff wants to stay on," said Colt. "The place runs like a Swiss clock and anyone coming in as a new owner could trust that it is in great hands."
Cathy Butterfield, general manager for the business, remains in charge of day-to-day operations and has been with the business since her original employment during the Barones' ownership of the property.
Colt noted that the property itself is over 32,000 square feet, which, beyond the 41 hotel rooms and restaurant, includes a ball room, spa, meeting rooms and retail spaces. In addition to the physical property, the sale price is based on the numerous income streams from all activities within the business.
According to Colt, the price has been set based on an outside commercial appraisal done by Palmer, Groth and Pietka, a commercial valuation service provider headquartered in Portland.
"There is no way to know how long it will take to find the 'right buyer,'" stated the Cunninghames' letter. "We are not in a rush to sell. In the meantime, there will not be any change in the day-to-day operation of the hotel."