By Sheridan Block
Rooted in the heart of Ouray, the historic Ouray Hotel could have new owners and possibly a new purpose by the end of the month.
Located at 303 6th Ave., the long-standing Stanislawski-Hess Building will be auctioned off with help from Tulsa-based real estate auctioning company Williams and Williams. The global auction will be held July 25, attracting bidders onsite and online.
Approximately 11,200 square feet in size, the Stanislawski-Hess Building was built in 1893 and has been owned by the Stanislawski family for over 40 years. Since the family's purchase, the building has not been offered for public purchase. Upstairs, the Ouray Hotel occupies nearly 6,000 square feet, with 14 bedrooms with full baths. The rooms range in size from a one bedroom to a three-bed suite, each furnished with televisions.
Many of the original features are still in place throughout the building including windows, locks, tin ceilings and even some furnishings. All furnishings and equipment used to run the hotel will be included with the purchase. All rooms are hardwired with smoke detectors and fans. The hotel also has active emergency sprinkler systems installed. The property includes a basement with a private bath and two exits.
The lower half of the building is fully leased to four retailers. Potential buyers will continue to receive payments from these tenants.
"It's really a turnkey opportunity," said Williams and Williams broker and marketing director Cindy Dees. "This is an investment for someone to literally begin to realize income right away."
Though current operator Dale Stanislawski would not explain why he chose to auction the property, he said retirement is part of the reason the hotel is up for sale. Stanislawski has run the hotel for 20 years.
According to Dees, many owners often choose to sell property through auctions because it offers the certainty of a time-definite sale, meaning sellers know that the property will be sold on auction day, rather than having the uncertainty and waiting period during a traditional real estate transaction.
The Ouray Hotel is still operating as a business and will continue to do so through the auction. Stanislawski said he has reservations pending through September.
"This is an opportunity to have a valuable piece of property," he said. "We're in the richest part of town, right here… It's an opportunity for someone to have a historic, well-preserved building in the heart of Ouray."
The nominal opening bid is $250,000, but that is not indicative of property value or what the property will sell for.
"It's a message to buyers that the seller is serious about selling this property… you want the opening bid to be such that people can bid on," said Dees.
The auction is open to the public and will begin at noon on Thursday, July 25. Bidders can register on site the day of or online at www.auctionnetwork.com. Online bidders must make a refundable deposit, while onsite bidders will need to bring an ID. The highest bidder will make a 10 percent down payment that is non-refundable. Personal checks and cash are accepted, though checks are preferred, said Dees.
Williams and Williams manages hundreds of auctions each month nationwide and deals with all kinds of properties, from residential to retail to government. For more information on the auction and the property, visit www.williamsauction.com/ouray.