Hotels have been the focus of speculation in recent years, with a number of the best known properties at the Grand Canyon listed for $2 million or more.
But the value of a property like the Grand, whose value was inflated by an influx of wealthy travelers in the 1980s, is still quite high.
But now that a new wave of hotel-related projects are taking place, the property is suddenly a real contender for the top dollar.
“I think we have a very real opportunity for a lot of those properties to be worth much more than they are now,” says Mark Karpeles, who has been researching Grand Canyon hotels since 2009.
“It’s a real asset.”
What is the Grand?
The Grand Canyon lies in southern Utah’s Grand Teton National Park, about 300 miles (480 kilometers) north of the Las Vegas Strip.
The canyon itself spans 1.1 million acres and is home to over 400,000 animals, including grizzly bears, pronghorn antelope, and mountain lions.
The Grand was originally named for an early 19th-century Indian chief, and it’s the site of the first major gold prospect in the U.S. The area has been dubbed the “Gold Rush Capital of the World,” and many believe the area has the potential to become a major tourist destination.
But some of the most famous hotels in the area were built by a different group of wealthy tourists: the Great Northern Railway, who ran the Grand and other areas in the region from the late 19th century until World War I. They purchased a majority stake in the company in the 1890s, which was later sold to the United States government.
A lot of the Grand’s wealth is tied up in the property’s land, but the company also has vast amounts of water rights.
The company was responsible for the construction of many of the nation’s most important waterfalls, including the Grand Tonto, which is known as the “Lemonade of the West.”
The Grand also contains some of Utah’s most beautiful mountain vistas, including Bryce Canyon, which are both open and accessible.
In the 1970s, when the Grand became an official National Historic Landmark, the Grand was named one of the country’s 10 best national parks, with its “crown jewel” status being the highest in the country.
The grand canyon’s rich history has been intertwined with many different industries, including mining, logging, mining operations, and even its namesake hotels.
The hotels were built at the height of the boom in the mining industry in the 1950s and ’60s, and by the 1980.
The construction boom lasted through the 1990s, during which the Grand is often described as one of America’s “hottest real estate markets.”
When the boom was over, Grand Canyon property values declined, as the number of hotels in operation declined.
“We have a lot more properties on the market now than in the past, and they’re just being marketed to different types of buyers,” says Karpales.
“They’re all looking for properties that are high on the list of desirable properties in Grand Canyon.”
That means more competition for hotel rooms, which in turn means more hotels will be on the properties, making them more attractive for potential buyers.
It also means that hotel prices are higher in the Grand compared to other properties nearby.
That is good news for the hotel industry, which has been losing money for years as its business is shrinking.
The hotel industry lost $5.9 billion in the last fiscal year, according to data from the Association of Realtors, while hotel occupancy in the same period was down 9.5 percent.
“In terms of profitability, I think it’s definitely down,” says Joe Smith, an analyst with RealtyTrac.
“The real estate market is in a really difficult position right now.
The growth in the industry is slowing, but that’s really not an excuse for any kind of short-term volatility.”
That’s because a hotel room typically costs about $700 to $1,000 more than a typical suite, according a 2015 study by The National Association of Real Estate Boards.
For a luxury suite, the average price is about $1.6 million, and for a suite of one-bedroom homes, it’s about $2,000.
While the Grand may not be a top choice for a first-time buyer, Karpas says that it’s a great asset to own, and one that can be bought for a decent price.
“You can buy a hotel in Vegas, you can buy the Grand in Las Vegas, and you can also buy it in the Denver area,” he says.
“There’s a lot going on here.”
For the past three years, Karspeles has been working with developers to make the Grand the top hotel property in the state of Utah, according the Real