Suncadia Resort, one of America's top master-planned mixed-use resort developments about 90 miles east of Seattle, has new owners.
An affiliate of Los Angeles-based Lowe Enterprises recently took over the 6,300-acre property after forming a joint venture with Suncadia Grand Avenue Partners, LLC, a subsidiary of a fund managed by Los Angeles-based Oaktree Capital Management L.P.
The 6,300-acre resort, located in the small town of Roslyn, features the 254-room Lodge at Suncadia, the Glade Springs Spa, privately-owned residences, three golf courses and a host of other amenities.
"Lowe Enterprises brings the necessary development and resort management capability to continue to make Suncadia a great success and enhance its unique positioning as a first-class lifestyle resort community," said John Brady, global head of real estate for Oaktree, which manages $77.9 billion in assets.
Located in the Cascade Mountains, Suncadia is set along six miles of the Cle Elum River with 80 percent of the resort community designated as open space and will have over 50 miles of hiking and biking trails at build out. In addition to the Lodge at Suncadia and Glade Springs Spa, the resort's premier amenities include three golf courses - Prospector, Rope Rider and the private Tumble Creek Golf Course - a skating rink and outdoor amphitheater, Suncadia Swim & Fitness Center and a variety of dining options.
Ownership opportunities within the resort range from condominiums to cabin-style homes to custom home sites throughout nine neighborhoods. There are more than 1,200 owners at Suncadia and more than 500 homes have been built.
The Lodge at Suncadia is a resort condominium consisting of more than 150 studio, one-, and two- bedroom units, and several two-story penthouses. The Lodge is situated upon approximately 12 acres that overlook the Cle Elum River and Tumble Creek Valley, with dramatic views of Mount Baldy, Domerie Peak, and the Northern Cascades.
"Suncadia is a well-located and thoughtfully conceived resort in one of the most beautiful areas of the Pacific Northwest," said Rob Lowe, co-president, Lowe Enterprises. "Lowe has been part of the Suncadia team from inception and we will continue to offer our guests and homeowners the singular lifestyle and quality service that is a hallmark of Suncadia."
Suncadia Resort is operated by Destination Hotels and Resorts and was developed by Lowe Destination Development, both wholly owned subsidiaries of Lowe Enterprises.
The new joint venture and its subsidiaries will own all aspects of the resort including the real estate, hospitality operations, recreational facilities and utility company. Executive Vice President of Lowe Hospitality Group Tom Luersen will continue to oversee the resort sales program while Lowe affiliate Destination Hotels & Resorts will continue to manage the operation of Suncadia.
Oaktree is a leading global investment management firm focused on alternative markets, with $77.9 billion in assets under management as of March 31, 2012. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities.
Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 40 years, it has developed, acquired or managed more than $17.5 billion of real estate assets nationwide. Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, DC, Denver, Southern California and Northern California