By The Associated Press

 

 HOOD RIVER, Ore. — The landmark Columbia Gorge Hotel has closed because of financial problems.

The hotel was built in 1921 as the "Waldorf of the West" and housed the likes of Rudolph Valentino, Shirley Temple, Calvin Coolidge and Franklin Roosevelt.

Owners Boyd and Halla Graves have closed the hotel east of Hood River. They say they face health problems and more than $4 million in mortgage debt, while financing has run out and two sales have fallen through.

 Halla Graves says her husband had nine cardiac procedures in 2007.

 A real estate agent says the property needs upgrades. The original price was $10 million — it's now $5.9 million.

 Timber tycoon Simon Benson built the 39-room hotel. It employed 30 recently and would hire up to 130 workers during the May-December high season.

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