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Brookings Inn under new ownership Print E-mail
Written by Jane Stebbins, Pilot staff writer   
August 19, 2014 09:22 pm

The Brookings Inn is under new ownership after having sat vacant for almost a year.

The facility at the north end of Brookings comprises a 68-room hotel, restaurant and conference center, and was purchased by Paresh Patel of Portland, doing business as Brookings Hospitality.

 “They like the location of the hotel,” said Anu Patel, who is getting the hotel operating and putting management in place. “They’re familiar with the Oregon coast. They know it’s seasonal, but they have properties on the north coast. And it seemed like a good opportunity.”

The firm also owns hotels in Astoria, Sutherlin and Long Beach, among other locations. Anu Patel is not related to Paresh Patel.

Patel said the firm had read articles in the Pilot regarding the Brookings Inn going to auction on the steps of the Curry County Courthouse in Gold Beach.

“Auctions are tough,” he said. “You have to have the money upfront; there’s no real flexibility.”

If the complex were functional, it would have been appraised at $2 million, Patel said. As it was, in an “inactive” status, it was appraised at $1.3 million.

Immediate plans — the hotel has been open for two weeks, and was even filled last Saturday night — include “working out the kinks” and hiring employees.

“It sat for eight, nine months, and then there was that oil spill in February,” Patel said. “We got that taken care of. We put in a new propane system; the old 10,000-gallon oil tank is gone. We’re getting a new roof, windows, doors; it needs a little upkeep.”

Future plans include determining whether to hire an independent contractor or a franchise to operate the hotel.

“A lot of franchises don’t want outside parties; others will because it has a convention center and an indoor pool,” Patel explained. “It depends on how much investment has to be put into the property.”

Overall, he said, the condition of the hotel is “pretty decent.”

And he is looking for a lessee for the restaurant as the company doesn’t work in the food and beverage industry.

“I’ve talked to a few people who are definitely interested,” he said, adding that they’re thinking it might best be suited for a breakfast spot.

History

The establishment went into foreclosure in 2013, and was being sold at auction to satisfy debts held back by the National Credit Union Administration when it liquidated the assets of Chetco Federal Credit Union that year.

The minimum bid was set at $1.004 million, but only seven people — mostly out of curiosity — attended the auction last fall.

Ownership then fell back to the National Credit Union Administration, which was investigating the 2012 failure of Chetco Federal Credit Union, which financed some loans with the resort.

The foreclosure measure was meant to recoup loan losses.

The foreclosure action was the largest in recent memory, according to County Assessor Jim Kolen.

The hotel’s new phone number is 541-813-1444.

 

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