Ramada Plaza Riverside Hotel and Convention Center in Casper, WY to be Sold
CASPER, Wyo., Oct. 3, 2012 /PRNewswire/ -- HVS Capital Corp (www.hvscapital.com) has been exclusively appointed to sell the Ramada Plaza Riverside Hotel and Convention Center in Casper, WY. The full-service, 200-room property is located in the heart of scenic Casper, WY along the North Platte River, just off Interstate 25.
Originally built in 1965 as a Holiday Inn, the hotel is currently undergoing a comprehensive $1.8 million renovation that started in Fall 2011 and is 50% complete. Renovations to the hotel and a strong local economy led by Casper's robust energy industry have resulted in a 26% increase in revenue per available room over the most recent twelve-month period.
With the emergence of new fracking technologies, as well as the recent discovery of oil and gas resources in the Niobrara Shale formation, Casper is poised to capture the economic benefits associated with these new developments. As the city of Casper continues to see an influx of workers affiliated with the energy industry, the Ramada Plaza Riverside Hotel and Convention Center is well-positioned to capture the surging demand for lodging in the area.
Signifying the prosperity which Casper continues to embrace is the recent commencement of the redevelopment of the city's Old Yellowstone District, a 130-acre mixed-use project that sits adjacent to downtown Casper. The city has taken an active role in facilitating the adaptive reuse of existing properties within the Old Yellowstone District to create a vibrant, pedestrian-oriented setting with access to restaurants, shops and local businesses.
About HVS Capital Corp
Founded in 2001, HVS Capital Corp ("HVSCC") is the investment banking arm of HVS for the Americas. HVSCC's core areas of service are debt/equity placements, investment sales, capital advisory projects and workouts for hotels, resorts, casinos, mixed-used developments and golf properties. For more information, visit http://www.hvscapital.com.
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SOURCE HVS Capital Corp