HREC Investment Advisors arranged the sale of the 52-guestroom Ridgway-Ouray Lodge & Suites located in Ridgway, Colo. The hotel's buyer, Ridgway Hotel Group, is led by Ridgway resident Adam Dubroff.
Mike Dubé, VP in HREC Investment Advisors’ Denver office, exclusively represented the seller during the transaction. The seller was the original developer of the lodge, which was built in 1992.
"It was a challenge to find the right buyer due to the very tertiary nature of the market and the fact that it was a nonbranded asset, but in finding an experienced hotelier in Ridgway, the sellers were extremely pleased that their lodge was being left in capable hands,” Dubé said in a statement
“The Ridgway area is pristine and is becoming more recognized as a destination for all kinds of outdoor enthusiasts on a year-round basis," Dubroff said in a statement. "Our goal in acquiring the Ridgway Lodge and Suites is to reposition the property and make it an exceptional value compared to other lodging options for visitors to the area for years to come.”
Ridgway is located in Ouray County in southwestern Colorado, approximately 300 miles from Denver. Ridgway’s economy is largely driven by tourism benefiting from its location at the base of the San Juan Mountains. The hotel’s location at the intersection of Highway 550 and Highway 62 provides access to the tourist town of Ouray, roughly 10 miles south, as well as the ski town of Telluride, located roughly 40 miles south.