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Grover Beach Inn (Grover Beach)

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  • Location: On the Coast in Central California, five minutes from Highway 1. Less than one half hour from San Luis Obispo and five minutes from Pismo Beach. The hotel is a short walk to a sand beach. It is at Grand Ave which is the main street leading to the beach and has restaurants, shops and all other services. This is one of the last areas on the coast of California to be transformed from an old beach town to a thriving tourist attraction and the town of Grover Beach has been spending a lot of money to upgrade. There are many new shopping centers in place and a proposed convention center one block away.
  • Guest rooms: 45 units in two buildings with two-storey configuration on two separate lots. Ample parking for buses. The rooms are large and have all new doors and electronic locks. Six suites, 6 kings and sixteen double queen or double-double units. All units have windows in the bathrooms. There are laundry facilities for guests.
  • Amenities: Two large lots. All units have microwave and refrigerators. SX 50 Phone system.
  • Extras: Ample one bedroom living quarters with full kitchen, living/dining room.
  • Description: Frame with wood siding in good condition; freshly painted. Upgraded decks and railings throughout.
  • Age: Built approximately 1988.
  • Opportunity: This hotel should be franchised and Travelodge has approved it for franchising with minimal upgrading. This is an excellent opportunity for purchasing a structurally sound fixer-upper hotel in an excellent location at the low per unit cost of $77,000, a rarity for coastal properties. Updating this hotel should raise its income from the current $4,000/unit per year to the median income for the area of $13,000/ unit.
  • Land: Approximately 30,000 square feet.
  • Asking Price: $3,450,000.
  • Bonus: Assume existing fixed rate SBA financing or Seller with carry on a wrap-around loan with favorable terms. In the summer of 2007, the Hotel appraised for $3,300,000 in its current condition.
Julian Bills: Broker, DRE # 00532752
cell/tel: (831) 212-4526 -  email@julianbills.com
Page last modified: January 31st, 2008

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