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8/03/22
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In a notable hospitality buy out of the Pacific Northwest, Vancouver, WA-based Vesta Hospitality acquired the fee simple and leasehold interests in the Surfsand Resort, an irreplaceable and iconic beachfront resort located in Cannon Beach, OR, for $58 mil. The 95-room hotel is the only full-service resort of its kind on the Oregon coast.
The transaction was funded with new financing of $40.6 mil. The new ownership is planning a $9 mil 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.
Sonnenblick-Eichner Company has arranged the sale and the buyer’s financing in the transaction. According to Sonnenblick-Eichner’s Elliot Eichner, the company had arranged refinancing of the resort on three different occasions for the seller.
“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,” noted Sonnenblick-Eichner’s Patrick Brown.
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