MASON CITY – A dilapidated hotel that devolved into a serious eyesore near downtown Mason City has been sold, and it will be under renovation immediately.
The former Americas Best Value Inn, 24 5th Street SW, has been sold, local realtor and commercial property specialist Brett Schoneman tells NIT this afternoon.
The buyers are “experienced operators” of hotels, he says, but declined to give specifics this early. The sales price was $350,000 and the new hotel will be an Econolodge with 46 rooms.
“This is an extremely important sale in continuing the development south of the multi-purpose center and convention hotel. We expect this to open up even more investment into this area and give a more affordable hotel option for hockey families than the new product being built.”
Renovation of the hotel will begin “almost immediately.” The hotel had been shuttered by city building inspectors months ago after serious issues were found inside. Cost to renovate could reach hundreds of thousands of dollars.
This news is another step toward cleaning up the area around the downtown and is likely a spin-off of the new multi-use arena being built just across the street in Southbridge Mall. Prior to closing up, the hotel was a frequent stop for Mason City police due to a range of issues, usually connected to rowdy customers.