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Mortgage Holder, Shorebank Pacific, Receives No Bids at Forecloser Auction
 of the Columbia Gorge Hotel

Bank Now Considering a Managment Company to Reopen
 Historic Hotel in Hood River, Oregon

By Jonathan Brinckman, The Oregonian, Portland, Ore.McClatchy-Tribune Regional News

July 20, 2009 --Nobody bid for the Columbia Gorge Hotel today at a foreclosure auction at the Hood River County Courthouse, leaving the historic hotel in the hands of its mortgage holder, Shorebank Pacific.

The bank, which set $4 million as the minimum bid, is now considering retaining a management company to open and operate the hotel while Shorebank keeps looking for a buyer, said Adam Monshi, a Shorebank senior vice president.

"We were hoping there would other bidders," Monshi said. "We have no intention of holding the hotel permanently."

The 39-room hotel in Hood River, built by timber tycoon Simon Benson in 1921 as the "Waldorf of the West," was closed by its owners in late January after financing ran out.

"The ultimate goal is to get the hotel up and running again because it's a landmark for the region," said Erin Fitzgerald, director of marketing for Shorebank.

--Jonathan Brinckman


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Copyright (c) 2009, The Oregonian, Portland, Ore.

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