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Sycamore Mineral Springs Resort and Avila Valley Inn for $25 million |
San Luis Obispo, CA. April 7, 2003: The sale
of these two properties was completed and recorded on April 4, 2003. The
Sellers were Russ and Carole Kiessig and the Buyer was Sycamore Mineral
Springs, LLC, an entity owned and controlled by John E. King. The sale
price was $25 million dollars.
From Hot Tubs to Luxury Resort Russ and Carol Kiessig have taken a relatively modest retail hot tub operation and quietly developed it into an internationally known destination resort. The resort has grown in size and stature in the resort and spa business by phasing in the lodging component in over the last 20+ years. Currently the property offers private hot tubs in each of its 74 rooms and superb cuisine at the highly acclaimed Gardens of Avila Restaurant. Recent events that included the terrorist attacks on 9-11-2001, an economic recession in the U.S. and particularly California, and the Iraq war have not diminished the business levels at the Resort. According to Russ Kiessig, �Sycamore is a place that many people return to for quiet, relaxation, and mostly because of a hospitable staff of devoted employees�. Over the last several years, he has been right. It is a �drive-tp destination� that has wide appeal from both Northern and Southern California markets, and interestingly, a diverse international segment particularly from Asia and western Europe. John King, and King Ventures, is planning on completing the planned
expansion of the resort that includes an additional 22 units in the �meadow�
area. To take the property to a different level, Mr. King has retained
the services of two Spa industry veterans, Deborah Morris Coryell and Jona
Liebrecht, both formerly of the Canyon Ranch Spa and Resort in Tucson,
AZ. Mr. King believes the Resort can expand and broaden its appeal by capitalizing
on national consumer trends that include more health and wellness, stress
reduction, and dietary concerns. A specific example is the planning of
a program at Sycamore under the direction of world renowned Dr. Andrew
Weill, a Harvard MD, and author of �Spontaneous Healing�. Ms. Coryell�s
celebrated healthy lifestyle teachings will be a significant factor.
Bob Eaton, executive managing director of Colliers International Hotels � San Francisco, who acted as advisor to the seller, said, �In the Sycamore transaction, the significant value being recognized results from an existing real estate and business asset with a track record of quality service and a new owner with the vision to recognize the uplift in value created by an emerging central coast (of California) lodging sector, and lodging, consumer, and market trends.� Colliers operates Hotel and Resort Investment Advisory services in their offices around the world. |
Bob Eaton
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Also See: | Suzanne Ng Named Spa Director at Mandarin Oriental, New York |
Starwood Appoints Elaine Fenard to Vice President, Spa Development & Operations / April 2002 |