Imagery courtesy of Sonnenblick-Eichner Company.
Surfsand Resort in Cannon Beach, Oregon, USA, is to undergo a $9 million renovation to further enhance the hotel and its amenities.
The refurbishment has been scheduled after Vancouver, Washington-headquartered hotel operator Vesta Hospitality purchased the 95-room property, the only full-service resort of its kind on the Oregon coast.
Beverly Hills-based real estate investment banking firm Sonnenblick-Eichner Company arranged the $58 million sale and $40.6 million of acquisition financing of the fee simple and leasehold interests.
Unique quality
Elliot Eichner, a principal and co-founder of Sonnenblick-Eichner Company, said: “Given the unique institutional quality of this oceanfront property, we were able to orchestrate a competitive sale process resulting in a transaction that had minimal contingencies and a timely closing. Recognising that we had financed the resort three times previously for the seller, the buyer engaged us to finance their acquisition and renovation of the property.”
Patrick Brown, also a principal of Sonnenblick-Eichner Company, commented: “Adding to the wide appeal of this resort is the fact that there are tremendous barriers to entry in the Cannon Beach market and that the resort has always experienced consistent sustainable income.”
Vesta’s Vancouver venture
Vesta Hospitality has also recently overseen the opening of AC Marriott Vancouver in its local US neighbourhood. The waterfront property added 150 keys to the AC by Marriott brand in June.
Destination dining includes the AC Kitchen, which serves a daily European-style breakfast and the AC Lounge, serving locally brewed beers and handcrafted cocktails with chef-created large and small plates. The design-led hotel also offers seven meeting rooms with 11,500 sq ft of flexible meeting space.
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