Investor Puts Hotel Near Casino on Market

LINCOLN CITY, OR-Looking to put his money in an investment that requires less attention, according to his broker, investor Gary Sheetz is offering for sale The Ashley Inn, his 75-room hotel on Highway 101 in Lincoln City.

The four-year-old hotel is about a half-mile from Chinook Winds Casino, a mile from a factory outlet mall and within 30 miles of five different gold courses. It includes an indoor swimming pool, spa, sauna, exercise room, laundry and conference facilities.

The price tag: $4.95 million. The broker, Melvin Mark’s Tim Parker, says that price would translate to a 9% cap rate for the buyer. Why is he selling it after only two years? “He’s more of a passive investor and this need a more active investor,” says Parker, declining to reveal what Sheetz paid for the property.