Dealmaker: Sonnenblick-Eichner Secures $41M for Oregon Resort

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $40.6 million in acquisition financing for the Surfsand Resort, a beachfront resort in Cannon Beach, Ore. 

Vesta Hospitality, Vancouver, Wash., acquired the 95-room hotel–the only full-service resort on the Oregon coast–for $58 million in a transaction also brokered by Sonnenblick-Eichner Co.

Cannon Beach is the closest high-end destination beach resort to Portland and Seattle. It offers nine miles of coastline art galleries, restaurants, cafes and craft breweries.

“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, Principal and Co-Founder of Sonnenblick-Eichner Co. He noted his firm has financed the resort three times previously.

Patrick Brown, also a Principal with Sonnenblick-Eichner Co., said significant barriers to entry in the Cannon Beach market and the resort’s consistent sustainable income appealed to Vesta, which plans a $9 million property renovation.