SPRING LAKE — The historic Grand Victorian Hotel located along Ocean Avenue in Spring Lake is on the market for $8 million.
The hotel, listed with Ward Wight Sotheby’s International Realty, is owned by local resident and builder Michael Zimmerman.
With property values increasing in Spring Lake, coupled with a favorable seller’s market, Mr. Zimmerman said it was a good time to list the hotel; however, he is still unsure whether it will be sold.
“We’ve had offers. The offers are not what I anticipated because they’re basing it off of sales from last year, which obviously were down due to COVID,” he said, adding that he anticipates hotel revenue to be $350,000 more than last year.
“At the end of the summer, those same people who made the offer will look at it again and say ‘Wow you’re right, it does justify a higher number,’ but if they don’t come up with the number I’m not going to sell it,” Mr. Zimmerman said. “I think it’s worth what it’s worth.”
According to the property listing, the hotel, situated on a 100-foot-by-150-foot oceanfront lot, “has undergone an extensive renovation.” The property features 19 guest rooms, many of which have ocean views; a new Ocean Balcony Suite on the third floor with an open deck; and a 110-seat restaurant facility, which includes a fully equipped kitchen, manager’s office, liquor license and weather-proof wrap-around porch, currently operated under a multi-year lease with Bareli’s By The Sea.
Mr. Zimmerman, who said he had tried to buy the Spring Lake hotel from the previous owners for several years, purchased the property in 2017. The goal, he said, was to undo all the poor maintenance sustained over the years and get the hotel back to its “normal state” and safe living standards.
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