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Hotel & Restaurant Real Estate Auction
Friday, March 29, 2019 - 11:00 AM (MT)
Auction Location: Lead, SD
 

 

Hotel & Restaurant

Real Estate Auction

Live Auction

Friday, March 29, 2019 - 11:00 am

Auction Location: 141 Glendale Dr, Lead, SD or bid live from anywhere at auctionnetwork.com

Public Inspections: 11-2pm March 1, 2, 15 & 16

Hotel: Sells to the highest bidder at auction above the opening bid of $644,000.

Restaurant: Sells to the highest bidder at auction above the opening bid of $600,000.

HOTEL

Full service hotel approximately 65,000+/-sf built in 1989 on 2.17+/- ac with 75 double rooms and 15 suites on five floors including large commercial kitchen, lounge and meeting spaces on the main floor. Common areas throughout first floor with several amenity options. Completed rooms finished to new construction standards.

In 2014 updates and remodeling began in the fourth and fifth floor of which 25 hotel rooms have been converted into 15 luxury suites at 90% complete on the fifth floor and the renovations on the fourth floor are in the beginning state of construction with most of this to the bare studs. Property was originally built to accommodate a wide variety of meetings, regional conventions and special events while providing a convenient, central location for tourists and visitors to enjoy the many sights and natural beauty in the Black Hills.

Located halfway between Terry Peak and Deadwood, the property is only 32 minutes from Sturgis, which holds annually the largest motorcycle rally since 1938. With frontage on Alt US Highway 14 and US Highway 85, the property can easily reach the historic downtown of Deadwood 9 minutes away, as well as reach Mt Rushmore and Rapid City airport within an hour. The Sanford Lab Homestake Visitor Center is less than a mile away—originally an open cut goldmine with tunnels under city, now neutrino lab.

New owners, marketing, management, and focus are needed now to meet the increased, unmet, new demand for reasonably priced, quality hotel rooms for tourism as well as for those created by the Sanford Underground Research Facility expansion in the next 24-36 months. A recent housing study commissioned by the Deadwood/Lead Economic Development Corporation estimates shortages for all housing categories and is available for review by interested parties.

Auctioneer’s Note: Buyer will receive a credit at closing of $356,000 which represents the full payment of an indemnity insurance claim filed for hail damage on the building. (See Disclosures on back page for details.)

RESTAURANT

The original structure dates to 1901 and was built as a railroad maintenance and storage facility. This former railroad “roundhouse” boasts high end fittings, furniture, equipment, and fixtures. A full liquor license has recently been secured and is included in the auction.

A main floor restaurant is fully equipped as is the kitchen. The Mezzanine level has a second serving area, atrium, and food staging room connected to the kitchen. On the third and top level, is a self-contained 7000 square foot event center.

With a past reputation for fine dining in Victorian luxury this property is turnkey. Built in 1901. Approx 0.81ac lot. The property is located 32 minutes west of Sturgis and an hour north of Rapid City.

The property has frontage on Alt US Highway 14 and is also an hour from Mt Rushmore and the airport. It is also known for the historic downtown of Deadwood which is 9 minutes away.

TERMS OF SALE

Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are nonnegotiable. Good luck and good bidding!

Registration at the auction (online and/or in person) finalizes each bidder’s agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams (“Broker” and/or “Auctioneer”) and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder’s Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold “AS IS, WHERE IS” with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder’s behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

Buyers receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year’s taxes are pro-rated through day of closing as is customary.

A Buyer’s Premium of 5% ($5,000 minimum) will be added to the high bid and included in the total purchase price.

Each high bidder must make a 10% non-refundable deposit per property ($5,000 MINIMUM - whichever is greater) immediately following auction. Cash, cashier’s checks, personal checks and business checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing. Closing costs generally range from $750-$3000 and include title exam, title policy, closing fee, filing costs and any other fees noted unless otherwise noted in the Contract.

The Parties acknowledge Buyer will tender the Down Payment in the form of a certified check, cashier’s check, money order, or personal/business check, and said instrument will be made payable to the Escrow Agent, or a wire shall be sent directly to the Escrow Agent, if permitted by the Contract. In those instances where the Down Payment instrument was transmitted to the Auctioneer, Auctioneer shall transmit the Down Payment instrument to the Escrow Agent upon Seller’s acceptance of Buyer’s offer. The Down Payment shall be held by Escrow Agent and disbursed to the Closer identified in the Contract for Sale prior to the Closing Date and following clearance of funds by the issuing financial institution. Interest, if any, earned on the Down Payment shall be deemed part of the Down Payment and shall be applied together with the principal portion of the Down Payment to the Purchase Price. The Parties agree that upon a fully executed Contract, the Down Payment is non-refundable, and, at Seller’s request, shall immediately be released to Seller in accordance with the Contract for Sale.

If Seller accepts Buyer’s high bid, then the Contract for Sale shall continue in full force and effect and the Closing Date shall occur no later than thirty (30) days following the date of Seller’s acceptance, except as otherwise may be allowed in accordance with the terms of the Contract for Sale. Buyer(s) and Seller agree that Seller may terminate the Contract for Sale, in Seller’s sole and absolute discretion, in the event the Seller does not accept the Buyer’s high bid. BUYER UNDERSTANDS AND AGREES IF SELLER HAS PERFORMED SELLER’S OBLIGATIONS UNDER THE CONTRACT FOR SALE, AND IF AT CLOSING THE BUYER FAILS TO PAY THE BALANCE OF THE PURCHASE PRICE OR TO PERFORM ANY OTHER OBLIGATIONS UNDER THE CONTRACT FOR SALE, THE DOWN PAYMENT WILL BE DISBURSED PURSUANT TO OF THE CONTRACT FOR SALE. BUYER HEREBY DIRECTS ESCROW AGENT AND CLOSER TO DISBURSE THE DOWN PAYMENT FUNDS PURSUANT TO THE TERMS OF THE CONTRACT FOR SALE HEREIN.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer’s attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any “invitee” relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All the information contained on this property was obtained from official county maps or other sources deemed reliable but is not guaranteed and may be in error. Seller DOES NOT WARRANT the accuracy thereof. Seller has made no independent investigation of any information provided and assumes no responsibility for the providing of or absence of any information, whatsoever, or for the accuracy thereof.

All auctions are subject to court or seller approval. Seller has (7) business days in which to accept or reject the high bid received at auction and Buyer’s high bid is irrevocable during this time. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. “Showing” requests from Buyers after the auction may not be able to be accommodated.

If more than one property is being auctioned, the Auctioneer may choose to offer a group of the properties for auction at the same time. This is called “BUYER’S CHOICE” and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Auction Day Notes for a full and complete understanding of Williams & Williams and Seller’s disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

Disclosures

  • All properties are sold “AS IS, WHERE IS” with no financing, inspection or other contingencies to sale.

HOTEL ONLY:

  • Buyer will receive a credit at closing of $356,000 which represents the full payment of an indemnity insurance claim filed for hail damage on the building. Buyer acknowledges receipt of the Insurance Claim Adjusters Report dated 10/10/2018. Buyer acknowledges that the Property is sold As-Is, Where-Is and Buyer is responsible for any and all repairs, remediation, or other expenses related to condition. Neither Seller nor Williams & Williams have provided any warranty or guarantees as to the condition of the Property, include it’s suitability or fitness for any particular purpose.

RESTAURANT ONLY:

  • Buyer acknowledges receipt of document titled “Roundhouse Restaurant Equipment as of 12/10/2018”. Items on this list will convey to Buyer with the real estate. Additional Personal Property remaining on site at time of Closing is the responsibility of the Buyer.
 
 
Location Map
 
Owner: Contact Auctioneer for Details

Managed & Conducted by:
Martin Jurisch & Assoc., P.O. Box 1867, Rapid City, SD 57709
E-mail: martinwjurisch@gmail.com  Phone: 605-348-5261 of call Martin Jurisch direct at 605-484-1353   Fax: 605-985-5307
Web Site: http://www.martinjurisch.com

PRIMARY AUCTIONEER
Cody Lowderman

ASSISTANT AUCTIONEER
Martin Jurisch


Copyright © 2004 by Martin Jurisch & Assoc.

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