CITY OF OURAY Bank looking to resell hotel
Written by Administrator
Wednesday, 11 September 2013 22:48
By Sheridan Block
While the Cascade Falls Lodge still has vacancies, the property's new owner is already looking to get rid of the hotel.
Having gone to the auction block on Aug. 28, the Cascade Falls Lodge was purchased by the First State Bank of Hotchkiss for $593,000. The bank foreclosed on the hotel's previous owners, Sandra and Ted Messier, in April this year.
The Messiers owned the business for 10 years before being evicted in April. Sandra said that when the economy shifted, business started going down. The final straw that "killed" the hotel was when the 2012 Fourth of July fireworks were canceled, she said.
"We lost a bunch of people over that week and we just knew we weren't going to catch up again," she said.
The couple originally tried to sell the property on their own for nearly a year, though they only used signage and did not advertise. In November 2012, the property was listed with Ponderosa Real Estate in Ridgway.
Messier said she would have preferred to work with First State Bank. She mentioned that Delta branch president Chuck Vincent had told her the bank would help them sell but never actually did.
"I wish they would've given us a chance because we probably could've sold it," she said.
As part of the foreclosure process, the property was listed at a public trustee auction where the outstanding principal balance was $549,742.83. According to Vincent, the bank paid a higher purchase price than the balance, due to the expenses that would go along with owning the property. He did not confirm whether or not there were other bidders the bank had outbid.
Upon making the highest bid, First State Bank would receive a confirmation deed from the Treasurer's office 10 days from the sale.
Once the bank receives the deed, Vincent said the bank will be looking to sell the property to any interested buyers.
"We love Ouray… I still love the mountains there and everything, but it is very hard to have a business in that town," said Messier.