Representing the highest price-per-key transaction in the Pacific Northwest, Jones Lang LaSalle Hotels arranged the sale of Skamania Lodge to a joint partnership between Dolce International and a financial partner. The property was sold on behalf of Yarmouth Capital Partners II, a private limited partnership fund managed by Lend Lease Real Estate Investments, Inc.
In January 2001, Dolce International formed a partnership with Soros Real Estate Investors to co-invest in North American conference centers. Soros Real Estate Investments added $100 million to the fund. Skamania Lodge marks Dolce International`s first acquisition since creating the partnership.
“This was a unique transaction since unencumbered resorts with golf are virtually unavailable in the market today,” said Arthur Buser, Executive Vice President and Head of West Coast operations of Jones Lang LaSalle Hotels. “The public-private initiative that enabled the development of Skamania Lodge, coupled with strict zoning ordinances in both Oregon and Washington along the Columbia River, make it doubtful that another resort of this magnitude will be duplicated on the Columbia River Gorge.”
The 195-room Skamania Lodge in Stevenson, Washington is located 45 minutes east of the Portland International Airport and is situated on 156 acres in the heart of the Columbia River Gorge National Scenic Area.
According to John Strauss, Vice President of Jones Lang LaSalle Hotels, significant expansion opportunities exist for the resort. “The ability to add 59 more rooms and 13,000 square feet of meeting space will accommodate unsatisfied corporate group demand and capitalize on the unique features of the resort conference center. Approximately 25,000 room nights per year are turned away due to high demand.”
Skamania Lodge benefits from the strong economic conditions of Portland and the entire Pacific Northwest region. Portland is home to such internationally recognized firms as Nike, Intel, Fred Meyer and Tektronix.
The resort is proximate to well known scenic attractions such as Mount Hood and Mount Saint Helen`s National Volcanic Monument. It is the only resort conference center in the Pacific Northwest that conforms to IACC standards.
Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world and a leading U.S. real estate advisor to pension funds. The company has $44 billion in real estate and commercial mortgages under management for institutional and private clients in the U.S. The company is a subsidiary of Lend Lease Corporation (ASX:LLC), which is a global, integrated real estate management and services business comprising funds management, project management and construction, and property development.