New Partnership Agreement
Sold El Rancho Motel To A High School Friend
October 1, 1957$58,038.32 Paid To The Smith Hotel Company From El Rancho Sell
May 1, 1958Pappy initiated a new agreement with his adult children. Lessor is the Smith Hotel Company (includes Pappy & Caroline with their 5 kids). Lessee is the Coast Inn (includes just Dick and Karl). Lessee is to manage the hotel, 2 bars, restaurant, Olympic Cottage and the new liquor store. They will each receive $150 a week plus 10% in commissions of sales.
