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|Articles - December 2011|
|Tuesday, November 15, 2011|
Page 1 of 2
By Oakley Brooks
Vijay Patel found Hood River’s Columbia Gorge Hotel grounds clogged with limbs and the gardens going to seed when he first looked over the place with the intent to buy in February 2009. Billed as the “Waldorf of the West” when timber baron Simon Benson built it in 1921 and immediately frequented by Jazz Age film stars Rudolph Valentino and Clara Bow, the stucco villa had been neglected for years. Put up for sale in a foreclosure auction later in 2009, there were no bids, but Patel was busy rounding up an investment group to buy the place. And despite receiving an ominous omen when a water-damaged ceiling collapsed on the day he was scheduled to close in November 2009, he went ahead and paid titleholder ShoreBank Pacific $4.6 million. He was the proud owner of a white elephant. “I love the challenge of turning around dumps,” he says.
But Patel also realized his elephant sat on one of premier tourist properties in all of the Gorge, high on the rim overlooking the Columbia River, with commanding views of Mount Adams and Mount Hood, and room to expand. “There’s so much we can do,” he says.
Born in Uganda, educated in his grandparents’ native India, and a Londoner for a decade and a half, Patel, 55, is inflected by Britain, right down to his natty tweed coat and gentle manners. After moving to Klamath Falls to manage a family-owned business in 1994 and then striking out on his own to found A1 Hospitality, he has performed some extensive hotel makeovers in Northeast Oregon and the Tri-Cities area. In Pendleton, he stripped an Economy Inn down to the studs in 2007 and rehabbed it into an America’s Best Value Inn and a downtown anchor. But in his portfolio of six franchise hotels, there’s nothing that approaches the prestige — however diminished — of the Columbia Gorge Hotel. “We really wanted to take a step forward and get involved with a boutique or historical property,” he says.
The new group repaired extensive portions of the roof underlying the building’s signature terracotta tiles. And Patel turned half of an oversized gift shop into a day spa, a popular spot with the hotel’s most reliable clientele: wedding guests. The staff also refurbished three guest rooms that had been previously used as offices, to push the total room count from 38 to 41.
Patel knows, however, that 41 rooms won’t support the hotel in the long term, even if they’re fetching the peak rate of $280 a night. Repairs and upgrades, which have to meet expensive national historic preservation standards in a listed landmark, are already projected to run more than $500,000, 40% above the original budget.
Friday, July 18, 2014
BY JASON NORRIS | OB GUEST CONTRIBUTOR
Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”
Tuesday, July 01, 2014
BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
Wednesday, August 27, 2014
Tom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.
Monday, August 25, 2014
BY JASON NORRIS | OB GUEST BLOGGER
Ferguson Wellman’s investment views on the economy and capital markets.
Monday, July 14, 2014
BY VIVIAN MCINERNY | OB BLOGGER
Some people think Amazon’s winking eye logo is starting to look like a hoodwink.
Wednesday, August 13, 2014
BY TOM COX | OB BLOGGER
When I say, “Your Employee is Always Right,” I do not mean “right about the facts,” but rather “right about how they feel” and “right about how they want to be led.”
Thursday, July 24, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.
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