Sheridan Inn for sale after ownership transfer
Date posted: March 9, 2013
SHERIDAN — The future of the Historic Sheridan Inn remains in doubt following the landmark building’s recent transfer of ownership from the nonprofit Sheridan Heritage Center to a Cheyenne-based bank.
SHC President Jake Brooks said that after an extended period of working with the bank in an attempt to save the local institution, financial pressures became too great for the historic preservation group to manage.
After years of financial strain and stalled attempts to convert the structure back into a functioning hotel, the Inn closed its doors last September. SHC officials cited mounting debt from a 2008 loan and a revenue shortfall as reasons for their decision to close.
Brooks said the all-volunteer SHC will now shift its focus to smaller projects in the community.
“We’re just going to sit back, see where we’re at and hopefully identify some smaller scale historic preservation projects around the county,” he said.
Brooks added that the organization remains in talks with the bank in an attempt to resolve remaining debt associated with a $1.8 million loan from 2008. That money was borrowed in an urgent attempt to prevent a faulty foundation causing the structure to collapse.
Two years earlier, former SHC board members had set about converting the 67 original guest rooms on the second and third floors into 22 spacious rooms in an initiative that was expected to cost about $2 million.
That project, however, was never completed as debt from the loan became too much for the group to handle.
Brooks, who was not a board member at the time the loan was taken out, said that while SHC volunteers worked diligently for years to preserve the building, the financial burdens of doing so teamed with sluggish fundraising efforts eventually proved insurmountable.
As for the building’s future, Shamrock Realty of Cheyenne announced this week it will host a reception for brokers representing qualified buyers on March 14 at 10 a.m. The meeting will take place at the Sheridan Inn. The agency has listed the building for sale for $1,550,000.