Sonnenblick-Eichner Co. has arranged a $58 million sale and $40.6 million of acquisition financing of the fee simple and leasehold interests in the Surfsand Resort, a beachfront resort located in Cannon Beach, Ore. The 95-room hotel is the only full-service resort on the Oregon coast. The resort was purchased by Vancouver, Wash.-based Vesta Hospitality.
The new ownership is planning a $9 million renovation to enhance the resort and its amenities. Cannon Beach is the closest high-end destination beach resort to Portland and Seattle.
“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," said Elliot Eichner, a principal and co-founder of Sonnenblick-Eichner Co. "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,”