Caliber The Wealth Development Company announced that it has successfully closed on two premium Alaskan hospitality properties for a combined purchase price of $11 Million. Properties were acquired with partners Heavlin Management Company and Leslie Hospitality Consulting. Located in Ketchikan, known as the “Salmon Capital of the World,” the Salmon Falls Resort and Edgewater Inn Restaurant & Marina represent Caliber’s first acquisitions outside of Arizona. Caliber now increases their lodging investment portfolio to five hotels totaling 717 rooms in two States.
The Salmon Falls Resort is a hallmark for anglers and sports fisherman from around the world. This first class fishing facility includes 52 guest rooms, a full marina, 10 fishing boats and 19 skiffs. The Edgewater Inn Restaurant and Marina, located 2 miles from the center of Ketchikan, only an 80-minute flight from Seattle, has 46 guest rooms, restaurant, cocktail lounge and large 40-boat marina. Both properties will immediately undergo new marketing and operations efforts including a new online reservation system. The Edgewater Inn requires minimal remodeling. Salmon Falls Resort will undergo upgrades including a remodel to guest rooms, restaurant, bar, office, registration, exterior, common areas and the addition of a small day spa. Heavlin Management Company will manage the hotel’s day-to-day operations.
According to Frank Heavlin, president of Heavlin Management Company, “These hotels represent a total of five properties we are managing for Caliber. We look forward to extending our success in bringing world class management and revenue profitability to Caliber’s investment portfolio of expanding hotels.”
“We’re delighted to hook these beautiful properties in an off-market transaction with favorable pricing,” said Roy Bade, Director of Commercial Projects and Fund Manager of Caliber Companies. “We believe the scale to increase profits on these hotels will be similar, if not greater, than the scale to which we increased our hotel profitability at other hotel acquisitions.” He added, “The seasonal nature of the Alaska properties will provide a good balance to the seasonal revenue of the Arizona hotels in the CDIF investment portfolio. This will assist in leveling out the overall income into our CDIF Fund and allow our Arizona hotels to offset expenses during the summer.”