Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale The Historic Plains Hotel, a turn-of-the-century staple of historic downtown Cheyenne, Laramie County, Wyoming. Built in 1911, the 131-room hotel has been beautifully restored to offer modern comforts while preserving every detail of the hotel's grandeur. A portion of the guest rooms are in the process of renovation. The hotel generates additional income from the onsite, newly remodeled Conestoga Restaurant and the recently expanded Wigwam Lounge. The offering includes a transferable Resort Liquor License, which allows the hotel to cater events anywhere in the city. Property amenities include meeting space, a fitness center and pet-friendly guest rooms, among others. Another notable feature of the hotel is the opulent grand lobby with stained glass skylight. The hotel is ideally situated adjacent to the Cheyenne Depot Plaza & Museum, which hosts events throughout the year. Also located less than a mile from the property are the Wyoming State Capitol, Historic Governors' Mansion and several museums. The Cheyenne Regional Medical Centers (West and East Campuses) as well as the Cheyenne Veterans Affairs Medical Center are located within 2 miles of the property. Just two miles away is the fairgrounds of Cheyenne Frontier Days (CFD), world's largest outdoor rodeo and western celebration. CFD is a huge festival that offers a rodeo, horse races, concerts, a carnival and more. The 10-day event takes place each year at the end of July and brings more than 260,000 attendees per year and brings $40M+ to the local economy. Additionally, CFD holds the Grand Parade, which passes the hotel. During CFD this year (2023), the hotel saw around 2,000 people from July 21st to the 30th. Due to the demand from the festival, the owner was able to reach 100% occupancy at $600/room/night, with a revenue of approximately $230,000 within the 10-day period. The Historic Plains Hotel represents the opportunity to acquire a historic, one-of-a-kind hotel in a desirable market near several demand drivers. Our Pro Forma analysis assumes a savvy investor will complete an upscale renovation, positioning the subject property to gain full market share under a new experienced ownership and supported by the increasing population and demand drivers in the Cheyenne market.