in Washington State, Destination Hotels
& Resorts to Manage the Property
Wash. - July 14, 2005 -- Lowe Enterprises Investors has acquired the 254-room
Skamania Lodge located on the Columbia River Gorge in Stevenson, Wash.,
just 40 minutes from Portland, Ore., on behalf of an investment client.
The mountain-style lodge, set on 175 acres featuring an 18-hole golf course,
full-service spa and 22,000 square feet of meeting space, was acquired
from Beta West and CS First Boston. Skamania will be managed by Lowe's
affiliate company, Destination Hotels & Resorts.
"Skamania Lodge is a well located and accessible year-round destination with activities and amenities that attract both leisure travelers and business groups," said Bleecker Seaman, managing director, Lowe Enterprises Investors (LEI). "It appeals to a market we know well and is complementary to our other resort investments in the Pacific Northwest that include Sunriver Resort near Bend, Ore., and Suncadia Resort, near Roslyn, Wash." All these properties are managed by Destination Hotels & Resorts.
Lowe plans to invest in select property renovations to Skamania Lodge's conference and meeting facilities, some guest rooms and amenities, as well as upgrades to the popular Waterfall Club and Spa. In 2002, the previous owners completed the addition of 59 guestrooms and 10,000 square feet of meeting space.
Built in 1993, the Lodge offers a variety of dining options with two restaurants, a lounge and seasonal outdoor dining at the golf course. The resort also features a fitness center, indoor pool and hot tubs, outdoor hot tub, tennis and volleyball courts in addition to the golf course and spa.
"Skamania is a solid performing resort that is another example of the quality hotels and resorts we are actively acquiring in top markets across the United States," added Bernie Siegel, executive vice president of hotel investments for Lowe.
Visitors to the Lodge enjoy its dramatic setting surrounded by the forest and waterfalls, and its stunning views of the river and nearby Mt. Adams and Mt. Hood, Oregon's tallest mountain. The area offers abundant outdoor recreation activities with hiking and biking trails, white water rafting, kayaking and fishing in the summer and downhill skiing, snowshoeing and cross country skiing during the winter.
"Skamania Lodge is another signature property that is a fitting addition to our existing Pacific Northwest resorts. We will use our knowledge and experience in the market to build on the property's strong conference business and increase demand among leisure travelers," said Charlie Peck, president and chief operating officer for Destination Hotels & Resorts.
Certified by the International Association of Conference Centers (IACC), the Lodge's 22,000 square feet of state-of-the-art meeting space offers a variety of size and configuration options and includes two ballrooms that can each accommodate up to 400 people. "We have a solid track record of managing conference resorts and currently operate six additional IACC-certified facilities," Peck added.
Lowe Enterprises' hotel and resort investments in the Pacific Northwest include the 1,000-acre, Sunriver Resort and the 6,300-acre Suncadia master-planned resort community currently being developed. Both properties include hotel and conference facilities, golf courses and other recreation, spas, retail and dining along with private residential neighborhoods.
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 33 years, it has developed, acquired or managed more than $7 billion in real estate assets nationwide. Through LEI, its investment advisory affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of its investment clients. The firm maintains regional offices in Denver, Phoenix, Sacramento San Francisco, Irvine and Washington, DC. Destination Hotels & Resorts, a wholly-owned subsidiary of Lowe, is a lodging management company located in Englewood, Colo. With 33 independent, luxury and upscale hotels, resorts and golf clubs, it is one of the largest independent hospitality management companies in the country. The company's portfolio features more than 8,000 guest rooms.
|Also See:||Dolce and DLJ Real Estate Capital Partners Acquire the Skamania Lodge in Washington; Plan $15-million Expansion / Feb 2001|
|Dolce Skamania Lodge Completes $15 million Expansion / June 2002|