Coastal Hotel Group, a Seattle-based hotel management company, has confirmed that the purchase of the Semiahmoo Resort is scheduled to close in early June, and that they will be managing it once all the paperwork is signed.
“The parties, both the seller and the buyer, want to make this happen,” said Ed Schwitzky, senior vice president of sales and marketing for Coastal Hotel Group. “We’re 99 percent there right now.”
He declined to release the investor’s name.
Job postings on hcareers.com for the resort property indicate that negotiations are going well. “We’re only two weeks away from closing,” Schwitsky said. “We’ve been doing a lot of things to get ready so we’re sitting on go when the sale happens.”
He said that they are still trying to determine when they will be able to reopen the 198-bed resort. “We’ve got people onsite now, and it’s just a matter of how fast we can get it guest-ready by getting beds and carpet in there, since it’s been empty for so long.”
He added that they have several capital improvements planned for the property, but would not go into detail at this time. “There’s still a lot of work to do,” he said.
More than 300 people lost their jobs when the resort closed in December 2012. Semiahmoo Resort Company, LLC attributed the closure to the recession and their continued inability to sell the resort, along with the financial conditions of one of the LLC’s members, Trillium Corporation.
An earlier sale planned in 2010 to Armada Investments fell through when the buyer could not arrange financing. Another potential buyer, Warnick + Co. of Phoenix, pulled out of negotiations early in 2013.
Coastal Hotel Group currently manages five independent lodging properties – Cedarbrook Lodge in Seattle; River’s Edge Hotel & Spa and Hotel Fifty in Portland; The Resort at The Mountain in Welches near Mt. Hood and the historic landmark boutique Lodge on the Desert in Tucson – as well as their most recent contract, the Best Western Heritage Inn in Bellingham. The group specializes in upscale lodging.