Jeld-Wen sells Running Y Ranch
Jeld-Wen has announced the sale of Running Y Ranch resort near Klamath Falls and two resorts in Central Oregon — Eagle Crest Resort near Redmond and Brasada Ranch in Powell Butte — to an investment company that focuses on hotels and resorts.
Northview Hotel Group will manage the resorts in partnership with a subsidiary of funds managed by Oaktree Capital Management. Terms of the sale were not disclosed.
A press release from the Klamath Falls-based Jeld-Wen on Friday afternoon said Northview intends to invest in upgrades at all three properties, including lobby, guest room and golf course renovations.
According to its website, Northview was formed in 2004 "to make opportunistic hotel investments in the U.S., and overseas, and to provide hotel management, asset management and construction management services for owners and co-investors."
The company's website says it "acquires hotels that provide an opportunity to generate significant performance upside from either (or both) a major renovation of the asset or more effective management or asset management."
Northview, owned by Mark Mance and Simon Hallgarten, is based in Westport, Conn., and San Francisco.
Its other properties include Hawks Cay Resort in the Florida Keys, which includes a 177-room hotel, 297 privately owned villas, a marina, numerous restaurants and a real-estate brokerage business.
It also holds hotels in New York City, Atlantic City, N.J., and LaQuinta, Calif. It previously had three hotel properties in the Washington, D.C., area and a resort in the Virgin Islands, selling those after making major renovations.
David Zeuske, Northview partner and president of NVHG Management, will oversee management of the Oregon resorts. All three Oregon sites cater to golfers and outdoor-recreation tourists, with golf courses on the properties and a variety of guest lodging, from hotel space to houses.
In the release, Jeld-Wen President Rod Wendt called Northview "a great fit for the resort properties' strengths and future potential."
Running Y Ranch sits on 3,600 acres on the south side of Upper Klamath Lake and includes an 83-room lodge and Oregon's only Arnold Palmer-designed championship golf course. Jeld-Wen bought the Running Y Ranch property in 1992 from Roy Disney, Walt Disney's brother.
Jeld-Wen manufactures windows and doors and has operations in more than 25 states and in 22 countries, employing about 20,000 workers and producing annual revenues of more than $2 billion.
News came out in October that the privately owned Jeld-Wen had put its Northwest resorts up for sale. That followed on the heels of the August death of the company's co-founder and recently retired chairman, Richard Wendt.
Hit by the downturn in the housing industry, Jeld-Wen also ended its sponsorship of the Tradition golf tournament in Sunriver this year, prompting the tournament's relocation to Alabama.