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SUNRIVER RESORT TO BE SOLD TO LOWE ENTERPRISES

 SUNRIVER RESORT TO BE SOLD TO LOWE ENTERPRISES
 BEND, Ore., Oct. 7 /PRNewswire/ -- Lowe Enterprises Inc. announced


today that it has reached agreement to purchase Sunriver Lodge and Resort, Sunriver Realty and Sunriver Utilities Co. The terms of the agreement were not disclosed, but both parties indicated that the closing of the sale is scheduled to occur in the next three to five months.
 Connecticut Mutual Life Insurance Co. of Hartford, Conn., the general partner of the owner of Sunriver, has been pleased with the 20-year performance of its investment. A company spokesperson indicated that the Sunriver properties were not listed for sale and that this agreement resulted from Connecticut Mutual being approached directly by Lowe.
 The purchase includes 176 rooms in the Sunriver Lodge (and conference facilities), the two golf courses and other recreational amenities. The Sunriver North golf course was rated the "First 25" of "America's 75 Best Resort Courses" by Golf Digest magazine. The sale will also include the Sunriver Airport and Chevron service station.
 In addition to Sunriver Lodge and Resort, Lowe will acquire 600 acres of land south of the resort also owned by Connecticut Mutual. This property has received approval for two new 18-hole golf courses, 94 additional single-family home sites and 25 condominium sites.
 "Sunriver has been a special place for Northwest families to get away from it all and to enjoy the great outdoors," said Andy Norris, Lowe's vice president, "and we want to keep it that way. We plan to enhance the quality of the existing resort facilities now being enjoyed by Sunriver residents and visitors. We look forward to working with the Sunriver Owners Association in this effort.
 "The new golf course adjacent to Sunriver is being designed by noted architect Bob Cupp with the assistance of pro-golfer John Fought. This design team created the highly acclaimed Pumpkin Ridge golf courses near Portland, Ore. Although only three months old, these courses have already been selected for the 1996 United States Amateur Championship tournament. We want to use our resort experience to add quality facilities like this to our expansion area," Norris added.
 "In addition, we want to make sure that our new development is a welcome addition to central Oregon," Norris continued.
 Norris explained that Lowe plans to build the new resort facilities. For 20 years, Lowe Enterprises has acquired or served as asset manager for more than $2.5 billion of real estate assets, and has been involved in the development of projects totaling over $1 billion. Through its subsidiary, Destination Hotels and Resorts, it manages 2,500 resort and hotel units in markets across the United States. Included are the prime resort locations of Aspen, Vail, and Snowmass, Colo.; Palm Desert, Calif.; Maui, Hawaii; and Wild Dunes in Charleston, S.C. The firm maintains offices in Los Angeles, Orange County, Calif., San Francisco, Seattle, Denver and Washington, D.C. Norris indicated that Destination Hotels and Resorts will operate the Sunriver Resort and golf courses. There are no significant changes in personnel planned by Lowe.
 "We've been resort specialists since 1972 and have taken great care in selecting and operating our properties. Sunriver has been well maintained and managed by a team that obviously cares about the quality of this resort. We are proud to add Sunriver to our collection of exciting vacation destinations. We are looking forward to serving Sunriver residents and visitors alike by delivering the very best in resort experiences," Norris concluded.
 -0- 10/7/92
 /CONTACT: Andy Norris of Lowe Enterprises, 206-622-0572; or Sheridan Atkinson of Sunriver Properties, 503-593-4459; or Susan Howard of Connecticut Mutual Life Insurance, 203-987-5064/ CO: Lowe Enterprises Inc.; Sunriver Properties; Connecticut Mutual Life
 Insurance Co. ST: Oregon IN: LEI SU: TNM


LM-SC -- SE012 -- 7660 10/07/92 19:43 EDT
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Publication:PR Newswire
Date:Oct 7, 1992
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