| Yampa diner, hotel sell for $2.5 million | |||
Some eyebrows might have raised this week when Penny’s Diner and the nearby Oak Tree Inn in the small South Routt town of Yampa sold for nearly $2.5 million. According to records on file with the Colorado secretary of state, the buyer, Lodging Properties LLC, shares an address with O’Neill Hotels and Resorts in a high-rise in downtown Vancouver, British Columbia. O’Neill counts the Westin Grand Vancouver among its properties. Oak Tree Inn is a small group of 33 hotels emphasizing how quiet their properties are in locations around the country including McAlester, Okla.; Milford, Utah; Green River, Wyo.; and Yuma, Ariz. Most of the hotels, if not all, have a Penny’s Diner very close by, and the nightly room rate includes a free breakfast at the diner. The Oak Tree is billed as being close to Steamboat Springs and at the gateway to recreation in the Flat Tops mountains. Sources in Yampa say the Oak Tree there enjoys a high rate of occupancy because it is booked mostly on behalf of railroad crews working the nearby Union Pacific line between Craig and Denver. |
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