Sonnenblick-Eichner Company Arranges The Sale and Acquisition Financing for The Surfsand Resort, Cannon Beach, Oregon

USA, Beverly Hills, California. August 02, 2022

Sonnenblick-Eichner Company has arranged a $58 million sale and $40.6 million of acquisition financing of the fee simple and leasehold interests in the Surfsand Resort, an irreplaceable and iconic beachfront resort located in the prestigious city of Cannon Beach, Oregon. The 95-room hotel is the only full-service resort of its kind on the Oregon coast. The resort was purchased by Vancouver, Washington-based Vesta Hospitality (www.vestahospitality.com).

The new ownership is planning a $9 million renovation that will further enhance the resort and its amenities. Cannon Beach, one of the most striking and recognizable destinations in Oregon, is the closest high-end destination beach resort to Portland and Seattle. Offering nine miles of coastline, Cannon Beach is recognized as the best overall beach in Oregon for its stunning natural attractions, including Haystack Rock, which at a height of 235 feet is one of the largest coastal monoliths in the world. Additionally, Cannon Beach is also known for its abundance of art galleries, quaint shops, fine dining restaurants, cafes and craft breweries.

"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. Recognizing 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," said Elliot Eichner, a Principal and Co-Founder of Sonnenblick-Eichner Company.

"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," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.


Surfsand Resort, Cannon Beach, OR
/ SLIDES

About Sonnenblick-Eichner Company

Business Contact:

Bruce Beck
President
DB&R
T: +1 805-777-7971
E: [email protected]
W: http://www.dbrpr.com
Follow us on Twitter: https://twitter.com/@dbrbruce

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in December 2022...

Hotel Law: Legal Consequences

The pandemic provoked more than a global health crisis. It also disrupted world economies, financial markets and social systems on a massive scale. Naturally, there are legal consequences associated with this kind of severe business disruption and the issues will be litigated for years to come. In the hotel industry, there are several issues that are currently germane. One issue pertains to the legal obligations hotels have to re-hire employees who were laid off due to the pandemic. Lawsuits have been filed by former employees who claim that certain promises were made to them when they were furloughed, and they are suing hotels for breach of implied contract. Another major issue involves hotels suing their insurance companies for failing to cover their business losses due to the pandemic. Still other hotels have brought lawsuits against local governments for the strict restrictions that were placed on their businesses, chiefly restaurants and bars. These are just a few of the legal issues that will be addressed in the December issue of the Hotel Business Review.