Northern New Mexico Lodge for Sale
Chama, NM
Offered for sale at $2,795,000
Elkhorn Lodge is a 75-year-old riverfront lodging property situated on approximately 8.5 acres along the Rio Chama at the southern approach to Chama Village in northern New Mexico. Established in 1951 and operating continuously since, the Lodge occupies US Highway 84 at the natural gateway to the Chama Valley — the first significant lodging destination a traveler encounters on arrival. The property is currently under professional management by Lark Hotels and is actively marketed and operational.
The Property
The Lodge’s 36-unit inventory spans multiple product types and price points: 22 motel rooms, 12 individually themed country cabins with full kitchens accommodating 2 to 10 guests each, 2 seasonal mobile homes, a full-hookup RV site, and 8 dry campsites. The cabin inventory is the property’s signature offering — self-contained, kitchen-equipped, and well suited to families and small groups seeking multi-day stays. Cabins with direct river proximity are the most distinctive units and carry the strongest rate defensibility. On-site amenities include a dedicated events pavilion, riverfront fire pit, two horse corrals, dog-friendly river trail, on-property trout fishing access in the Rio Chama, children’s play area, and barbecue facilities. The 8.5-acre grounds are shaded by mature cottonwood and pine, with views of the Cumbres Mountains to the north. The Rio Chama runs along the property boundary — functioning simultaneously as visual backdrop, recreational amenity, and primary differentiator in the local lodging market.
Market & Location
Chama sits at 7,860 feet in the southern Rockies at the northern tip of the Rio Grande Rift valley. The town’s primary institutional draw is the Cumbres & Toltec Scenic Railroad — a National Historic Landmark and one of the last surviving narrow-gauge steam railroads in the country, operating its eastern terminus from Chama to Antonito, Colorado through high mountain terrain. Beyond the railroad, the Chama Valley draws four distinct traveler demographics with meaningful overlap: anglers pursuing the Rio Chama’s nationally recognized trout fishery; hunters accessing productive elk and mule deer country in the surrounding national forests and wildlife management areas; outdoor recreation visitors drawn by the Jicarilla Apache lands and an extensive trail network; and cultural travelers exploring the Georgia O’Keeffe landscape — Ghost Ranch (43 miles) and Abiquiu are within easy driving distance. Frommer’s has described Chama as “New Mexico’s undiscovered Durango — without the masses.” As the destination’s regional profile continues to rise, the Elkhorn’s gateway position and limited local competition for quality riverfront lodging place it to benefit directly from increased visitation.
Investment Considerations
The Lodge’s established operational platform, professional management, 75-year name recognition, and multi-demographic demand base provide a stable foundation. The clearest near-term upside lies in the cabin inventory: targeted upgrades oriented toward the romantic getaway and premium leisure segment represent a direct path to materially higher ADR without replicating the core asset. The events pavilion is operational but underdeveloped — the riverside setting provides a natural backdrop for weddings, family reunions, and group retreats that the current programming has not fully activated. The horse corrals serve equestrian visitors, hunters arriving on horseback, and trail riders — a practical differentiator in a region where multi-day equestrian and hunting travel is well established.
Financial information is available to qualified buyers upon execution of a confidentiality agreement.
For more information, contact Eben Viens at 802-380-7312 or eben@bbteam.com.
New Mexico Broker of Record: GP Real Estate, LLC
Financial Details- Offered for sale at $2,795,000
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