HOTEL FOR SALE IN PUNTARENAS
EL PASO HOTEL
This 16-room hotel is located in Playa Naranjo, on the paved main road down the east coast of the Nicoya Peninsula. It is 300 meters from the Playa Naranjo - Puntarenas ferry terminal, where there are four 1-½ hour sailings per day. The ferry has a restaurant, bar and seating areas. It is 10-15 minutes drive from the town of Jicaral, the main trading town of the area with banks, supermarkets and other services.
The hotel sits on 2,696.3 M2 (29,013 sq. ft.) of land with a large frontage on the highway. A high wall encloses the property for privacy, making it ideal for special uses such as a gay or nudist hotel. There is a detached house on the property for the owner’s use or rental, a swimming pool and a bar/restaurant.
Attached are photos of the hotel, and of the beach located about 5 minutes from the hotel.
The property was mortgaged, but signed over when the owner could no longer pay, in return for 6 months with no payments to try to raise funds to save this, and a 32 lot adjoining subdivision which is also for sale. The hotel is currently staffed by the former employees on a deal where they keep all proceeds of the hotel in return for paying expenses and keeping the place well maintained. We agreed to give them 90 days notice when the hotel is sold, although they would be interested in working for the new owner. We have no records of sales or occupancy volume as all books were taken when the former owner left.
The hotel is appraised at $1,495,321, and the asking price is $650,000. We are open to all offers, as we are not equipped to operate the hotel and would like it sold as soon as possible. We will carry financing of 70% on a 3-year term, 10-year amortization with interest at Costa Rica bank rates of 1% per month. There is no penalty or bonus for large payments or early pay out - interest is on the outstanding balance each month.