Dept. of Ag invests $6.3M to purchase Ocean Shores hotel
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack Wednesday announced the Department is investing $981 million to help create new and better market opportunities and expand essential services for rural people, businesses and entrepreneurs in 47 states, Guam and the Virgin Islands.
Included in the press release was the investment includes $6.3 million “to fund the acquisition of an existing hotel. Marathon Enterprises Inc. is located in Ocean Shores, Grays Harbor County, Washington. The project is expected to result in saving eight jobs and creating one full time job.”
Marathon owns Ocean Paradise Hotel and Resort along the ocean in Ocean Shores.
“Investments like these are about jobs. USDA Rural Development’s recently announced $6.3 million investment to fund the hotel acquisition will create jobs, increase tourism, and drive local economic growth for years to come,” U.S. Rep. Derek Kilmer, D-6 stated in a press release after being contacted. “This is a big deal. As someone who grew up on the Olympic Peninsula, I’ll keep pushing for the federal government to step up and help rural communities.”
The release from the Department of Agriculture stated the hotel is owned by Marathon Enterprises Inc., but no other details were released on ownership. An internet search confirmed Marathon owns the Ocean Paradise Hotel and Resort located at 773 Ocean Shores Blvd NW. The Grays Harbor County Assessor reported that Marathon Enterprises Inc. bought the property in May 2022 for $7.6 million from Indiko Hotel Group. The assessor also states the property was bought by Indiko Hotel Group for $1 million in August of 2018.
A phone call to the listed owner of Marathon confirmed the company owns the Ocean Shores property, but the listed officer of the company said the call from The Daily World was the first he heard about the government purchase. He confirmed the address was “definitely our property.”
The funding will help keep resources and wealth made by rural people right at home through affordable financing and technical assistance. It will help rural Americans start businesses and allow small business owners to grow. It will also open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing, the press release stated.
Source: The Daily World