We don't quite know what to make of the $5M ask on this 33-room hotel in Montauk. For one thing, it's a solid location. It's a sizable piece of property in the middle of town, less than 200 yards from the Atlantic and walking distance to restaurants and bars.
This hotel does have a decent amount working against it, though. Whoever buys this place would most likely need to drop a decent bit of coin updating the rooms. Right now they're, well, look at them. They're all wood-paneling and Ramada comforters and sadness.
The seller also needs to overcome the hotel's terrible reputation. The reviews for the place are so bad that a new owner's first move should probably be a name change. A TripAdvisor commenter that likes the place has this to say about it: "Is the Ronjo the nicest motel I've ever been to? No. Is it the worst? Probably." That same website has this ranked 36th out of 39 hotels in the area.
We agree with this listing when it says "This opportunity is unique." We're just not sure that's a good thing.
· Ronjo Resorts [Official Site]
· Listing: Montauk Ronjo Motel [Atlantic Beach Realty}