Best Western, Duchesne, UT 52 S 500 W St, Duchesne , UT 84021

O F F E R I N G M E M O R A N D U M Best Western Duchesne, UT CONTENTS

01 Executive Summary Investment Summary 5 Market Summary 6 Location Summary 7

02 Property Description Property Features 11 Property Photos 12

03 Demographics Demographics 17 Demographic Charts 19

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Trenton Bright Paul Pursell Daniel Davis Cole Waterfall Associate Broker Director Sales Agent Sales Agent Lic: 7961776-AB00 Lic: 9894235-AB00 Lic: 11123399-SA00 Lic: 7839895-SA00 (435) 820-6801 (631) 245-4044 (435) 650-4294 (385) 347-2457 [email protected] [email protected] [email protected] [email protected]

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Best Western Duchesne, UT Disclaimer | 03 Confidentiality & Disclaimer

All materials and information received or derived from KW South Valley Keller Williams its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW South Valley Keller Williams its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW South Valley Keller Williams will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third-party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW South Valley Keller Williams makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW South Valley Keller Williams does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by KW South Valley Keller Williams in compliance with all Copyright © 2021 CREOP, LLC. All Rights Reserved. applicable fair housing and equal opportunity laws. BEST WESTERN DUCHESNE WESTERN BEST

Executive Summary Investment Summary Location Summary ...... 01

Best Western Duchesne | Executive Summary Best Western Duchesne, UT Investment Summary | 05

OFFERING SUMMARY ADDRESS 52 S 500 W St. Best Western Duchesne, UT Duchesne UT 84021 APEX Commercial Real Estate | KW South Valley Keller Williams is pleased to COUNTY Duchesne present the sale of the Best Western in Duchesne, UT, an Mid-Scale/Limited- Service property is located on the West end of Main Street on US Highway 40 and MARKET Leisure & Recreation US Highway 191. BUILDING SF 36,491 SF This 3-story, 60-room, interior-corridor property was built in 2014 and operated as TOTAL ROOMS 60 an independent extended stay hotel in prior years. This property went through a full LAND SF 111,949 SF renovation beginning at the end of 2018 and was completed in the 2nd quarter of 2019. It was converted from a independent hotel into a Best Western branded YEAR BUILT 2014 hotel, which substantially increased revenue and occupancy immediately. APN 00-0000-5490, 00-0031-4389 This property features all basic services for a property of this type, and offers OWNERSHIP TYPE Fee Simple additional amenities including 31 kitchenette rooms, swimming pool, spa, fitness center, breakfast area, lounge, sundries shop, business center, and vending and ice machines. FINANCIAL SUMMARY Strong Revenue and Upside Potential OFFERING PRICE $5,000,000 Even in the midst of the Covid-19 difficulties this property has continued to perform PRICE PER KEY $83,333 exceptionally well by maintaining strong revenue numbers through the unforeseen OCCUPANCY (2020) 37.50% pandemic.

In 2020 the hotel achieved a 30% increase in revenue and a 8% increase in occupancy Year-over-Year. As the travel restrictions are eased and the hotel continues to stabilize, the business of the hotel and the revenue is expected to increase in the upcoming season and into the future.

Strong Performing Branded Asset The Best Western offers prospective buyers the opportunity to acquire the only branded asset in the local market. Best Western Hotels & Resorts, headquartered in Phoenix, Arizona, is a privately held hotel brand with a global network of approximately 4,700 hotels in over 100 countries and territories worldwide. The benefit to a branded property, specifically Best Western, is its renowned membership business and its loyalty reward program.

Unencumbered by Management The hotel is ideally offered unencumbered by management, providing a buyer with full optionality, including new management.

High Visibility In-Town Location The Best Western boasts an excellent Main Street and Highway 40 location, which is the main entrance to town for those travelers coming from the west, mainly Salt Lake City which is within a 2 hour drive. Best Western Duchesne, UT Market Summary | 06

Market Summary Recreation & Tourism "Because much of this decline is not caused by underlying fundamental economic Duchesne County has identified the recreation and tourism industries as part of problems, most market segments should start to see meaningful relief in the first its economy and tax base. These industries have a stabilizing effect on the and second quarter of 2021. Destinations with appealing natural amenities such economic cycles of agriculture and the oil and gas industry. Public lands are a as beaches and mountains have already seen a high influx from pent-up demand critical component of tourism and recreation in Northeastern Utah. this summer and will likely hold steady through the fall. Drive-to locations are also experiencing increased occupancy levels." Federal, state, county, and even private lands offer a broad range of recreational Source: https://www.hospitalitynet.org/opinion/4100921.html opportunities, including camping, hiking, fishing, hunting, horseback riding, biking, nature appreciation, interpretive trips, wildlife watching, boating, and other Duchesne County enjoys a strong economic base and employment profile. tourism-related activities. Public lands also support businesses that offer such However, recent reports show that a relatively small number of industries opportunities to the public, including outfitters and guides, whitewater rafting, (especially the energy industry) generate the majority of economic returns. In an outdoor camps, wilderness/survival schools, and dude ranches. effort to decrease "single industry dependence", the County will continue to support the economic diversification strategies of the Duchesne County Chamber A variety of recreational opportunities and experiences are available for residents of Commerce. These efforts include, but are not limited to, business retention and and visitors alike to enjoy in Duchesne County. The Uinta Mountains have more expansion, value-added agriculture, tourism and recreation. than 1,000 natural lakes and small streams, over half of which support populations of game fish. Many of the trailheads in this beautiful backcountry are Today, extractive-use industries: livestock, timber, mining, and oil; remain the within a 90-minute drive from Salt Lake City. backbone of the region's economy. The County continues to encourage and support these industries in an effort to stabilize drastic swings in the economy. Starvation State Park on average has 110,000 to 140,000 visitors per year. The County has explored and promoted economic development and growth From 2019 to 2020, the visitors to the State Park increase over 25%, while the strategies that would diversify the County's economic base while maintaining the overall visitors to Utah's State Parks Increase over 17.5%. County's current lifestyle and character. Best Western Duchesne, UT Location Summary | 07 Duchesne County

Utah’s Duchesne County is located on the south slope and foothills of the longest east‐west mountain range in the continental United States, known as the Uintah Mountains. Located between Denver and Salt Lake City; the scenic attractions include: rivers, streams, and lakes that the Uintah Mountains provide; and the Book Cliff Mountains attract thousands of visitors and are located within short driving distances from County locations.

Amenities in the area include an 18‐hole golf course in Roosevelt City and Starvation Reservoir State Park near the City of Duchesne which contains 3,500 acres of fishing and boating.

The Uintah and Ouray Indian Reservation lies within and adjacent to the County boundaries and makes up 19.76 percent of the land area. Important employers include government, agriculture, trucking and oil and natural gas drilling. Duchesne County residents and visitors enjoy a pleasant environment, abundant natural beauty, and numerous recreational opportunities.

Duchesne City

Duchesne sits at the junction of U.S. Route 40, U.S. Route 191, and State Route 87. US-191 from Duchesne to Helper is designated the Indian Canyon National Scenic Byway. Duchesne City and the surrounding area plays host to some of the best camping, fishing, boating, hunting, hiking, water skiing, and ATV riding in the state.

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History Humans have occupied the Uintah Basin for many centuries. The first known and identified group in the region was the Fremont Indians. Rock paintings and archeological evidence of early Native American cultures are common. The rock art in Nine Mile Canyon represents some of the finest in the world. Every year, dozens of scholars and thousands of tourists travel to the area to study, photograph, and marvel.

Native Americans Early Settlement 20th Century Present History

Humans have occupied the Uintah Basin for The first historical record of the region comes With the opening of the Uintah Basin in 1905 In recent decaded, a period of unprecedented many centuries. The first known and identified from the Dominguez/Escalante Expedition who to homesteading, thousands of hopeful growth and prosperity was followed by a bust group in the region was the Fremont Indians. traversed the area in 1776. The next recorded settlers looked to former reservation lands for in the oil-related job market. A boom lasted Rock paintings and archeological evidence of entries of the Uintah Basin were from the a new start in life. Over the next several until the national recession of 2008. After that early Native American cultures are common. mountain men and fur traders as early as years, hundreds of homesteaders claimed bust, another boom commenced in about The rock art in Nine Mile Canyon represents 1824. Prior to 1847, most of the non-Indians and settled on land located mostly in 2011 and brought the county population over some of the finest in the world. Every year, who came to the region did so to trap and Duchesne County. Soon, several 20,000. This boom lasted until a dramatic dozens of scholars and thousands of tourists trade with the Indians and then traveled on. communities were established. In 1915, drop in oil prices in early 2015. Climbing oil travel to the area to study, photograph, and Duchesne County was formed from the prices in early 2017 offer a glimmer of hope marvel. In 1861 President Abraham Lincoln issued an eastern side of Wasatch County. Duchesne for the future of the energy industry in executive order establishing the Uintah Indian City was voted in as the County seat. Duchesne County. Fremont Indian State Park in the Clear Creek Reservation. This order set aside the drainage Canyon area in Sevier County Utah contains of the then-named Uinta River, presently Close examination of the living conditions of Today extractive-use industries: livestock, the biggest Fremont culture site in Utah. referred to as the Duchesne River, as the early Duchesne County residents from 1915 timber, mining, and oil; remain the backbone Thousand-year-old pit houses, petroglyphs, Uintah Reservation. After a few years, the to the end of the Depression show very little of the region's economy. The County and other Fremont artifacts were discovered at United States Government determined that a improvement or significant change. In the continues to encourage and support these Range Creek, Utah. Nearby Nine Mile Canyon fort was needed to establish a military summer of 1933, several government-based industries, acknowledging that industry has long been known for its large collection of presence in the region. Fort Duchesne was work assistance projects were started in the patterns, fluctuating markets, and changing Fremont rock art. Other sites are found in The completed in 1886. A supply route through County. The post-war era, known nationally political winds predict periodic good times San Rafael Swell, Capitol Reef National Park, Nine Mile Canyon to the railroad in Price was as a period of economic growth, saw little followed by lean. In an effort to stabilize Dinosaur National Monument, Zion National built in 1886 by the Buffalo Soldiers of the 9th improvement for County residents in the drastic swings in the economy, the County Park, and Arches National Park. Cavalry Regiment. This route was so heavily 1950's and 60's. has explored and promoted economic used that for twenty years it was aptly named development and growth strategies that the "Lifeline of the Uintah Basin." Millions of Not since the opening of the reservation to would diversify the County's economic base pounds of freight and thousands of travelers homesteading was there such a radical while maintaining the County's current and settlers used the road between 1886 and change in Duchesne County demographics lifestyle and character. the early 1900's. as that which was triggered by the 1970's oil boom. Throughout the West, "boom" cycles in At present Duchesne County is growing and, extractive industries are often followed by with an eye to the future, trying to meet the "busts". Duchesne County's experience was challenges of a new century with planning no different. and preparation. Best Western Duchesne, UT Location Summary | 09

Desirable Attractions Federal, state, county, and even private lands offer a broad range of recreational opportunities, including camping, hiking, fishing, hunting, horseback riding, biking, nature appreciation, interpretive trips, wildlife watching, boating, and other tourism-related activities. Public lands also support businesses that offer such opportunities to the public, including outfitters and guides, whitewater rafting, outdoor camps, wilderness/survival schools, and dude ranches. A variety of recreational opportunities and experiences are available for residents and visitors alike to enjoy in Duchesne County. The Uinta Mountains have more than 1,000 natural lakes and small streams, over half of which support populations of game fish. These mountains contain Utah’s largest designated wilderness area and highest peak (Kings Peak). Many of the trailheads in this beautiful backcountry are within a 90-minute drive from Salt Lake City (State of Utah, 2013). High desert landscapes provide unparalleled vistas and opportunities for OHV use, hunting, and other recreational pursuits.

Starvation State Park Uinta Mountains The 3,500-acre Starvation Reservoir is open ear-round, and is popular for The Uinta Mountains extend for 100 miles across northeast Utah and a small fishing and boating. It lies at an elevation of 5,712 feet. Established in 1972, part of northwest Colorado, bordered by the Wasatch Range to the west, the the marina features a 54-unit RV campground along with developed and Uinta Basin to the south, the Green River to the east and other mountains to primitive camping, rental cabins, boat ramp and dock, a sand beach, the north, in Wyoming. Although relatively compact, with a long, narrow restrooms, showers, a group-use pavilion, sewage disposal, and fish cleaning ridgeline, the mountains are notable for containing the highest summit in the stations.[3] Primitive camping is allowed in designated areas around the state (13,528 foot King's Peak), for having an unusually large area of land perimeter of the reservoir for a fee. OHVs are only allowed at Knight Hollow above the treeline, for being one of the few US ranges aligned east-west Campground. rather than north-south, and for the great number of lakes, over 2,000. One of the most beautiful of such areas, relatively easily reached, is Naturalist Basin. Boating, skiing, wake boarding and other sports are popular at Starvation Reservoir State Park. The reservoir offers sandy beaches plus good fishing Most visitation is confined to a narrow corridor towards the west of the for walleye and some action for trout and perch. The park here offers a very mountains, along Mirror Lake Highway, UT 150, the only route across the nice developed campground. ATV and other off-highway vehicles are allowed crest, and also the highest paved road in Utah; along here are many on some trails in the area and Starvation makes a great base camp for those campsites, picnic areas, viewpoints and trailheads. Apart from this there are activities. several dozen other major trailheads, at the end of narrow, dead end, mostly unpaved roads, approaching from the south or the north, but from these, the high country is anything from 10 to 20 miles away, so most places need overnight trips to reach. BEST WESTERN DUCHESNE WESTERN BEST

Property Description Property Features Property Photos ...... 02

Best Western Duchesne | Property Description Best Western Duchesne, UT Property Features | 11

PROPERTY FEATURES CONSTRUCTION DOORS 60 FOUNDATION Reinforced Poured Concrete BUILDING SF 36,491 FRAMING Wood Frame LAND SF 111,949 EXTERIOR Stucco LAND ACRES 2.57 PARKING SURFACE Asphalt/Gravel YEAR BUILT 2014 ROOF Pitched and Shingles YEAR RENOVATED 2018 LANDSCAPING Trees/Shrubs NUMBER OF STORIES 3 ADA COMPLIANT 4 Rooms NUMBER OF BUILDINGS 1 ELEVATOR Yes

AMENITIES SPA Indoor POOL Indoor COMPLIMENTARY BREAKFAST Yes ICE/VENDING MACHINES Yes BUSINESS CENTER Yes FITNESS CENTER Yes RV PARKING Yes SHOP/MART Yes

Room Type Kitchenette Rooms Number Of Units

King 9 19 King Suite 1 1 Double Queen 17 36 ADA Double Queen 2 2 ADA King 2 2 Total 31 60 Best Western Duchesne, UT Property Photos | 12 Best Western Duchesne, UT Property Photos | 13 Best Western Duchesne, UT Property Photos | 14 Best Western Duchesne, UT Property Photos | 15 BEST WESTERN DUCHESNE WESTERN BEST

Demographics Demographic Details Demographic Charts ...... 03

Best Western Duchesne | Demographics Best Western Duchesne Demographics | 17

POPULATION 5 MILE 25 MILE 50 MILE HOUSEHOLDS 5 MILE 25 MILE 50 MILE

2000 Population 1,975 13,274 48,966 2000 Total Housing 799 6,294 21,103 2010 Population 2,196 17,204 58,738 2010 Total Households 681 5,529 19,868 2020 Population 2,358 18,601 61,705 2020 Total Households 732 5,982 20,782 2025 Population 2,444 19,293 63,395 2025 Total Households 760 6,210 21,300 2020 African American 14 92 333 2020 Average Household Size 3.04 3.06 2.93 2020 American Indian 21 732 3,418 2000 Owner Occupied Housing 470 3,381 13,044 2020 Asian 9 94 312 2000 Renter Occupied Housing 141 830 3,359 2020 Hispanic 146 1,609 5,906 2020 Owner Occupied Housing 552 4,548 15,971 2020 Other Race 81 715 1,890 2020 Renter Occupied Housing 179 1,434 4,811 2020 White 2,190 16,230 53,798 2020 Vacant Housing 303 3,297 6,867 2020 Multiracial 39 670 1,807 2020 Total Housing 1,035 9,279 27,649 2020-2025: Population: Growth Rate 3.60 % 3.65 % 2.70 % 2025 Owner Occupied Housing 581 4,733 16,433 2025 Renter Occupied Housing 179 1,477 4,866 2020 HOUSEHOLD INCOME 5 MILE 25 MILE 50 MILE 2025 Vacant Housing 338 3,629 7,650 less than $15,000 77 531 2,244 2025 Total Housing 1,098 9,839 28,950 $15,000-$24,999 49 355 1,737 2020-2025: Households: Growth Rate 3.75 % 3.75 % 2.45 % $25,000-$34,999 52 338 1,757 $35,000-$49,999 127 764 2,603 $50,000-$74,999 148 1,286 4,286 $75,000-$99,999 119 1,152 3,337 $100,000-$149,999 114 1,097 3,283 $150,000-$199,999 29 286 822 $200,000 or greater 15 173 712 Median HH Income $57,753 $67,611 $59,432 Average HH Income $70,918 $79,043 $74,500

Source: esri Best Western Duchesne Demographics | 18

2020 POPULATION BY AGE 5 MILE 25 MILE 50 MILE 2025 POPULATION BY AGE 5 MILE 25 MILE 50 MILE

2020 Population Age 30-34 173 1,355 4,349 2025 Population Age 30-34 166 1,275 4,209 2020 Population Age 35-39 143 1,337 4,463 2025 Population Age 35-39 161 1,367 4,390 2020 Population Age 40-44 146 1,166 3,846 2025 Population Age 40-44 143 1,257 4,306 2020 Population Age 45-49 123 931 3,146 2025 Population Age 45-49 150 1,100 3,743 2020 Population Age 50-54 118 800 2,732 2025 Population Age 50-54 116 876 2,994 2020 Population Age 55-59 94 882 3,150 2025 Population Age 55-59 93 747 2,589 2020 Population Age 60-64 133 944 3,389 2025 Population Age 60-64 109 875 3,004 2020 Population Age 65-69 114 790 3,015 2025 Population Age 65-69 133 900 3,130 2020 Population Age 70-74 90 590 2,123 2025 Population Age 70-74 111 711 2,649 2020 Population Age 75-79 54 416 1,432 2025 Population Age 75-79 72 503 1,765 2020 Population Age 80-84 38 239 906 2025 Population Age 80-84 41 289 1,090 2020 Population Age 85+ 17 219 906 2025 Population Age 85+ 18 238 917 2020 Population Age 18+ 1,604 12,306 42,731 2025 Population Age 18+ 1,663 12,663 43,443 2020 Median Age 32 31 33 2025 Median Age 33 32 34

2020 INCOME BY AGE 5 MILE 25 MILE 50 MILE 2025 INCOME BY AGE 5 MILE 25 MILE 50 MILE

Median Household Income 25-34 $63,175 $75,034 $64,225 Median Household Income 25-34 $70,318 $77,881 $69,624 Average Household Income 25-34 $75,230 $83,421 $77,008 Average Household Income 25-34 $83,458 $91,942 $84,170 Median Household Income 35-44 $75,738 $84,417 $79,310 Median Household Income 35-44 $79,539 $86,632 $82,469 Average Household Income 35-44 $83,808 $91,761 $89,725 Average Household Income 35-44 $91,801 $99,198 $97,226 Median Household Income 45-54 $70,707 $77,277 $71,853 Median Household Income 45-54 $78,614 $80,497 $77,389 Average Household Income 45-54 $82,880 $92,155 $86,808 Average Household Income 45-54 $94,722 $101,609 $95,973 Median Household Income 55-64 $60,634 $67,125 $62,444 Median Household Income 55-64 $65,441 $70,844 $66,704 Average Household Income 55-64 $73,003 $77,679 $75,722 Average Household Income 55-64 $79,772 $84,897 $83,478 Median Household Income 65-74 $50,303 $53,762 $50,796 Median Household Income 65-74 $53,337 $56,079 $53,853 Average Household Income 65-74 $62,504 $66,729 $65,740 Average Household Income 65-74 $69,323 $73,519 $73,455 Average Household Income 75+ $45,582 $50,879 $43,036 Average Household Income 75+ $52,164 $56,089 $47,252 Best Western Duchesne Demographic Charts | 19

2020 Household Income

5 Mile Radius 25 Mile Radius 50 Mile Radius

2020 Population by Race

5 Mile Radius 25 Mile Radius 50 Mile Radius Best Western Duchesne Demographic Charts | 20

2020 Household Occupancy - 5 Mile Radius

2020 Household Income Average and Median

Average Income Median Income Best Western Duchesne, UT

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