CBRE Hotels is soliciting offers to acquire the fee-simple interest in the 230-room Ramkota Hotel & Conference Center located in Casper, Wyoming.
The hotel is conveniently situated off I-25, providing easy access to area amenities and proximity to several of the area’s major demand generators, including Wyoming Medical Center, Key Energy Services, DHS Drilling Company, and JW Williams. Casper is the second largest city in the State of Wyoming and centrally located in the middle of the state. The economy is traditionally driven by banking and commerce, as well energy related industry including wind, oil, natural gas and coal. As a city and state with a low cost of doing business and particularly low tax burdens, Casper is an attractive location for business relocation.
The Ramkota Hotel historically achieved strong top line and NOI performance and is on track to regain 2019 levels. In 2022, the hotel achieved an NOI of more than $1.5M, which is 91% of 2019 NOI. Notably, the hotel was extensively renovated in 2014, 2015 and 2016 at a cost of over $5 million.
Investment Highlights
- Expected return to historically strong NOI
- Full-service, resort style amenities appeals to groups and families
- Hotel features an indoor water park, 14,000 sq. ft. of meeting space, and full service restaurant and lounge
- Benefits from central location near area amenities and demand generators
- Hotel was comprehensively renovated from 2014 to 2016 at a cost of over $5 million
- Diversified market includes mining and logging, leisure and hospitality, and education and health services
- The fee-simple hotel is non-union and offered unencumbered of brand and management
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