Northview Hotel Group and Oaktree Managed Funds Acquire Three JELD-WEN Resort Communities

  • Northview Hotel Group
  • 11.22.10
JELD-WEN inc. announced the sale of three resorts in Central and Southern Oregon to a new partnership comprising Northview Hotel Group (Northview) and a subsidiary of funds managed by Oaktree Capital Management LP.

The sale includes Brasada Ranch in Powell Butte, Eagle Crest Resort near Redmond (Bend) and Running Y Ranch in Klamath Falls.  The transaction was facilitated by Bob Eaton of Colliers International.

Northview will manage the resorts on behalf of the partnership, and it will oversee a strategic repositioning plan focused on enhancing the resorts’ amenities and the guest experience.  David Zeuske, Northview partner and the president of NVHG Management, will oversee the management of the resort portfolio going forward. 

“We are extremely excited to be involved with these three spectacular resorts and to have an opportunity to invest in Central and Southern Oregon’s tourism and real estate industries.  JELD-WEN has created three well-built and well-planned communities that are already recognized for their exceptional offerings,” Zeuske said. “While I still entertain fond memories of my summers spent in Central Oregon, my partners at Northview and I are looking forward to creating lasting impressions for others at our new resorts for generations to come.”

“This is an important strategic decision for JELD-WEN, and I am very pleased that Northview is such a great fit for the resort properties’ strengths and future potential,” said Rod Wendt, JELD-WEN president and CEO.  “I am very appreciative of all of the employees of JELD-WEN Development inc.”

Northview’s hospitality-focused repositioning strategy at the three resorts will leverage the solid foundation created by JELD-WEN, starting with the exceptional team of managers and associates, almost all of whom will be staying on with Northview. In addition to bringing its proprietary management tools and systems to the resorts, Northview intends to invest in upgrades at all three properties: from lobby and guestroom renovations at Eagle Crest and Running Y Ranch to a newly enlarged spa, a reconfigured lobby, new meeting space and significant landscaping upgrades at Brasada Ranch. 

Northview partner Simon Hallgarten expressed confidence in his firm’s ability to realize the potential of each resort, citing recent experience at a project with similar scope managed by Northview in the Florida Keys.  In 2007, Northview and its partners, Behringer Harvard and Five Star Realty, acquired Hawks Cay Resort in Duck Key, Fla. 
 
At Hawks Cay Resort, Northview implemented a strategic repositioning strategy that included a $42 million renovation and significant improvements to the day-to-day operations of the resort, part of which involved working with the individual villa owners to create a new and enhanced rental management program.  Under Northview’s management, Hawks Cay has been awarded the coveted AAA Four Diamond Award and was recently named by Travel + Leisure as one of the Top 50 Resorts in North America.


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