Iron Horse Oufitters & Inn In Beautiful Lanesboro

Business Overview:

Located in picturesque Lanesboro Minnesota, the Iron Horse Outfitters and Inn combines prime bluff country real estate with turn key hotel (4 rooms) and retail (motorcycle accessories) operations.  This business sale includes the real estate, business goodwill, equipment, and a normal amount of operating inventory.  A signed NDA is required to learn more about this opportunity.

Operated as a motorcycle accessories store and hotel since 2015, the building was originally built in the 1880's. A renovation in 2014 conserved much of the buildings architectural nuance while updating the finish to a more modern palette.  Today the Iron Horse Outfitters and Inn stands as a favorite place for picture taking in downtown Lanesboro, and draws motorcycles riders from across the country through its dual allure of world-class motorcycle roads and small town, personal touch sales.

Currently, the owner manages the operations directly.  There is an online booking system that is used to collect bookings for the hotel operation and there is a point-of-sale system that handles the retail sales.  In the past there have been other employees in the business, but there are none currently.

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Property Features and Assets:

Current facilities are adequate for current operations. The real estate is currently configured as a retail sales space (motorcycle accessories) and hotel (4 rooms with a common room). The current finish for the interior was completed in 2014. The building is 3 floors and approximately 5,200 sq ft. Approximately 1,750 sq ft is directly related to the hotel operations, approximately 3,750 sq ft is used to conduct the retail operations. This is a corner site with Coffee Street E on the south with 25’ frontage, and Parkway Avenue N on the west with 70’ depth. Gross area is 1,750 square feet. There is no access on the north or east with abutting buildings. The site is fully improved with curb and gutters, concrete sidewalks and bituminous streets. The site has municipal electricity, water, sanitary sewer, and storm sewers available.

Assets = $433,375

Market Competition and Expansion:

The need for hotels and motels depends heavily on domestic and international tourism levels, making these businesses susceptible to the overall economic environment. The COVID-19 pandemic's travel restrictions mostly paused travel activity for an extended period of time, causing hotels and motels to be one of the industries hit the hardest in 2020. The lifting of those travel restrictions resulted in skyrocketing hotel revenue in subsequent years but rising inflation pushed some consumers to reduce spending on leisure activities, causing revenue growth to slow down. Hotel revenue is estimated to have fallen at a CAGR of 0.4% to $239.0 billion over the past five years, including 3.4% growth in 2024. There are an abundance of growth opportunities for this operation, including: 1) having the retail store open more days and hours, 2) adjusting room pricing to bring in more revenue, 3) investing in marketing efforts, 4) organizing more motorcycle rides.

Reason for Selling:

Divorce.

Additional Details:

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