The Riverwood Inn & Conference Center is slated to possibly be sold in an online auction Sept. 12.
The opening bid for the facility is $250,000, or $4,200 per key, according to the Minneapolis St. Paul Business Journal that said “an initial earnest money deposit of $50,000 is required in order to participate.”
“This is a tremendous opportunity for a hotel operator or investor to acquire a full-service hotel with significant banquet capabilities only thirty minutes northwest of Minneapolis,” Managing Director of CBRE Auction Services Doulgas Johnson said.
Riverwood Inn & Conference Center, located on 33.5-acres at 10990 95th Street NE in Otsego, has 60 guest rooms, approximately 9,000 square feet of function space, indoor pool with separate hot tub, restaurant and views of the Mississippi River, according to a press released from CBRE Auction Services .
The hotel open and operating, according to the Minneapolis St. Paul Business Journal and could be redeveloped. The property reportedly faced foreclosure in 2010 and is now owned by lender CapFinancial Properties.