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Jackson Hole Virginian Lodge Hits Market at $60 Million

| Commercial Real Estate News, Deals, Featured, Mixed-use| Views: 0

On January 17—in what is slated to be one of the biggest deals ever in Wyoming commercial real estate—the Virginian Lodge was listed on the market for $60 million.

Located at the foot of East Gros Ventre Butte, the property covers nearly 13 acres. Built in the mid-1960s, the lot was initially outside of town. But, as the city of Jackson has grown, the Virginian Lodge is now at the center of town life, with excellent accessibility ensured by roads on three sides. The offering includes:

  • A 103-space recreational vehicle park
  • A 95,000-square-foot, 170-key traditional style lodge, which includes one of the largest swimming pools in town
  • The Virginian Restaurant, operated under a lease
  • A liquor store and liquor license for the Virginian Bar, which has its own food operation
  • A convention center that can accommodate up to 370 people
  • 442 feet of frontage along West Broadway, which is among the best storefront opportunities in town

According to Jackson Hole News and Guide, the property’s rather unique development possibilities make it an extra special investment. By local zoning happenstance, the five-acre recreational vehicle park could hold some buildings of up to four stories—which is rare for Jackson, to say the least. The local paper cited preliminary estimates that put potential development on the Snow King Avenue part of the lot at around 90,000 square feet. Moreover, the West Broadway-facing side of the lot could be home to up to 130,000 square feet of space.

The current owner has operated the prominent local business for more than 50 years. Last December, the family tentatively discussed the possibility of selling just the RV park part of the property, which sparked ideas for developing housing that could serve the working locals who keep the town running day in and day out. Greg Prugh of Prugh Real Estate represents the seller and has stated that the owner plans to accept offers on the property through March 2, after which point they will evaluate options and determine the next course from there.

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