The Olympia Resort in Oconomowoc can be yours for a cool $5.9 million.
Resort owner Rick Eckert has listed the expansive 135,000-square-foot hotel, spa and conference center located on 29.8 acres at 1350 Royale Mile Road with First Webber Group Commercial.
Devin Piehl, a broker with First Weber, said Olympia owner Rick Eckert is in his 70’s and has decided to retire after owning the business since 1995.
“Rick is looking for an owner operator for the business rather than a developer,” Piehl said. “The property is just down the street from the Pabst farms development and is in a high growth area.”We view the asking price as very reasonable considering the acreage, building and business.”
Olympia Resort includes a 190-room hotel and 45,000 square feet of space which can be used for meetings, conventions, weddings and even dog shows, according to the listing.
The property has a 17,000-square-foot spa with saunas, whirlpools, lockers and shower areas, and indoor and outdoor pools facing a private pond.
The hotel also operates a 5,000-square-foot, fully enclosed outdoor tent.
The property is assessed by Waukesha County at $2.66 million.
In late 2016, Eckert wanted to convert the property into a senior living facility. City officials gave the proposal initial approval, but Eckert later pulled the proposal.
Eckert said the businesses has suffered a bit, like all businesses, especially while the main access road, Highway 67, was being reconstructed and widened.
“The new owner will enjoy no road construction for at least the next 15 years, according to the DOT,” Eckert said. ” “Business is good and getting better.”
Olympia has a staff of about 100 people and a skilled management team in place, Eckert said.
“We are looking for an seasoned operator who can take this team and business to the next level, Oconomowoc is the place to be,” he said.
