Avison Young Lists Savage River Logde - Frostburg, MD
Avison Young, as sole exclusive agent, is pleased to offer the fee simple interest in the Savage River Lodge (hereinafter "Property," or "Hotel"), a full service hotel located in Frostburg, Maryland.
The Property is located strategically on the Appalachian Plateau in Garrett County, Maryland. The Hotel is within a three-hour drive to Washington D.C., Baltimore, and Pittsburgh, and located 15 minutes off Interstate 68 at Exit 29 (Finzel Road). Frostburg, Maryland is a part of the Cumberland, Maryland Metropolitan Statistical area. The Hotel is located near Frostburg State University which is home to 5,000 undergraduate and graduate students from all over the world. The hotel is also located near local tourist attractions such as Main Street, which has a variety of restaurants, bars, shops, and historical buildings. Frostburg is a Maryland designated Arts & Entertainment District. Frostburg is a special place where there are countless offerings of music, theater, film dance, art, and Appalachian crafts on Main Street. Frostburg is also the destination of the Western Maryland Scenic Railroad, where guests can watch the turntable in action and take in the beautiful mountaintop views or visit the Frostburg Museum.
The Property's 42+/- acres are mainly comprised of the main Lodge, 18 cabins, and eight luxury yurts. There is approximately eight acres of permanent easement and roadway areas. The main Lodge is 15,000 square feet, manufactured in 1997. The Lodge includes guest services reception, the great room complete with a double-sided two story, stone fireplace, Savage River Lodge restaurant and bar, corporate meeting space, gift shop, wine cellar, laundry facilities, storage, and additional offices. The Lodge is handicap accessible with ramp access and a three-story elevator. The 18 cabins are each 800 square feet. Each layout is the same, with a sleeping loft with queen or kind bed, a sleeper sofa, gas fireplace and breakfast nook, full bathroom, an outdoor deck, and a beverage center with refrigerator, coffee maker, and tea pot. One cabin is handicap accessible. In 2013, eight yurts were manufactured on the Property with completion in 2014. The yurts are 30 feet in diameter and include kind beds, radiant floor heat, gas fireplace, and a luxurious seating area, spacious fully plumbed bathroom, two outdoor deck spaces, and a beverage center with refrigerator, coffee maker, and tea pot. Yurts have a backup generator that provides electricity in the event of a power outage. NOTE Cabin number 12 was sold in 2016 as a condo to an individual owner. The Property is included in the rental pool. The owner receives 1/26th of the total revenue and is responsible for 1/26th of the general property expenses.
- Approximately 42+/- acres
- Comprised of main Lodge, 18 cabins, and eight luxury yurts
- On-site restaurant and bar for up to 200 guests
- Corporate meeting space with audio-visual equipment
- The Lodge is a turnkey business with reservations booked into 2018
- Through a cooperative agreement with the State of Maryland, the Lodge maintains 14 miles of trails throughout their property and the Savage River State Forest
- Wide array seasonal outdoor activities including hiking, cross country skiing, cycling, bird watching, snow shoe hiking and fly fishing.
There are a number of compelling aspects to this investment opportunity, which should provide a significant increase in value for an investor, which are as follows:
- Significant development expansion opportunities for both the yurts and cabins
- Operational upside through dedicated sales effort
- Opportunity to condominiumize the cabins and yurts for future individual disposition
- Significant growth opportunity for F&B outlet(s)
- Green Resort with opportunity for future LEED certification
- In addition to the 18 cabins, the property also contains an 1,800 sq. ft. Manager's house that is currently occupied by the owners of the resort. Opportunity for future owner to include this in the rental pool as premium lodging for larger parties/weddings.
For more information on this listing, contact Micheal Bernath at [email protected] or Office: 770.401.3890 / Cell: 770.401.3890published: 09-01-2017