Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Division is pleased to present for sale to qualified investors the Myrtle Lane Inn Coquille (‘Hotel’ or ‘Property’) located in Coquille, Oregon. The independent Hotel is offered at $1,850,000 or $68,519 per key. The Myrtle Lane Inn is stationed at 787 North Central Boulevard in Coquille, Oregon. The 26-room, exterior-corridor building was constructed in 1947 and spans 1.19 acres. Coquille is located in Coos County within the Coquille River Valley and the southwestern part of Oregon. Now open to the public for tours, the Coquille River Lighthouse, which was originally built in 1896 and offers stunning views of the Coquille River as well as the surrounding area. In addition to the lighthouse, Coquille is home to a number of other attractions, including several parks, outdoor recreation areas, and a prevalent culture of duck hunting prominent in the area. One of the most popular attractions is Bullard’s Beach State Park, which offers camping, hiking, fishing, and boating opportunities. Other popular outdoor destinations in Coquille include Coquille Myrtle Grove State Natural Site, which features a beautiful stand of Oregon myrtle trees, and the Coquille River Falls, a scenic waterfall located just outside the city. Additionally, visitors can enjoy the local outdoors at Coquille Valley Elks Golf Course and Myrtle Grove Botanical Gardens, two of the more scenic destinations in the area. Lastly, Coquille Valley Hospital is located in the city and under a mile from the Hotel. Located about 17 miles north of Coquille, Coos Bay is a highly amenable destination with a vibrant arts district and serene landscape. Visitors can attend the annual Oregon Coast Music Festival for two weeks of local artists performing diverse genres of music including Native American, Celtic, Jazz, and Chamber. Another annual event, the Blackberry Arts Festival, showcases local arts, crafts, food, and entertainment in the historic Marshfield District. Another significant draw for tourists, Bandon Dunes Golf Resort, is a popular golf club in Coos Bay, especially in the summertime, and has hosted eight USGA golf tournaments. The Oregon West Area hotel submarket occupancy and RevPAR have remained consistent and essentially matched the overall market, with average occupancy standing at 60.7 percent and RevPAR growing at an annual rate of 1.4 percent. In 2022, the limited-service Hotel recorded room revenues of over $412 thousand and a net operating income just over $176 thousand, or 42 percent as a percentage of total revenues, after a 4 percent capital replacement reserve. A prospective buyer should be able to capitalize on the anticipated increase in RevPAR through better revenue management, not only benefiting from increased market share but also higher NOI flow-through.