Sonnenblick-Eichner Company has arranged a strategic joint venture equity investment into the ownership entity of the Pacific City Lodging Portfolio, located in Pacific City, Ore. The Pacific City Lodging Portfolio is a collection of oceanfront resort properties comprised of the Headlands Coastal Lodge & Spa, the Inn at Cape Kiwanda, Hart’s Camp, and the Cape Kiwanda RV Park. Noble House Hotels & Resorts, Kirkland, Wash., provided the investment into the partnership.
This investment from Noble House allowed the existing ownership an opportunity to realize equity that they have created in the portfolio while aligning with a seasoned hospitality owner and operator dedicated to investing and growing asset value. This structure also allows ownership to continue to benefit from appreciation in value.
The Headlands Coastal Lodge & Spa has 33 guestrooms, of which 100 percent are oceanfront with balconies offering full views of the Pacific Ocean and Haystack Rock. The Inn at Cape Kiwanda offers 35 guestrooms and suites with unobstructed ocean views. The Hart’s Camp and Cape Kiwanda RV Park (RV parks) total approximately 15 acres and are located across the street from the beach. The RV parks feature 146 pads comprised of drive-through and back-in RV parking, as well as Airstreams, cottages and cabins.
“We generated significant buyer interest given the unique oceanfront locations in one of Oregon’s top leisure destinations," Elliot Eichner, a principal and co-founder of Sonnenblick-Eichner Company, said in a statement. "Adding to the appeal of the offering was the availability of management and franchise, as well as the strong in-place cash flow and extreme barriers to entry."