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