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LOWE ACQUIRES SUNRIVER RESORT

 BEND, Ore., June 3 /PRNewswire/ -- Lowe Enterprises Inc. announced today that it has completed the acquisition of Sunriver Lodge and Resort from Sunriver Oregon Properties Ltd. The closing of the sale occurred today with U.S. National Bank of Oregon providing financing to the purchaser, Sunriver Resort Limited Partnership (of which Lowe affiliates are a general and limited partner).
 The purchase includes 176 rooms in the Sunriver Lodge (and conference facilities), 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 includes the Sunriver airport, Sunriver Utilities Co. and other facilities. Destination Hotels & Resorts Inc., Lowe's hospitality management firm, will manage and operate the facilities.
 In addition to Sunriver Lodge and Resort, the acquisition includes 600 acres of land south of the resort on the Little Deschutes River. This property has received approval for an 18-hole golf course, 94 single-family home sites and 25 condominium sites. Lowe Development Co., another Lowe Enterprises subsidiary, will manage development of this project.
 "Sunriver is Oregon's first and finest resort community," said Andy Norris, vice president for Lowe Development Co. "We plan to enhance the quality of the existing resort facilities, as well as add new features such as an additional golf course. The course will be designed by noted architect Bob Cupp and the manager of his Portland, Ore., office, former tour player John Fought. This design team created the highly acclaimed Pumpkin Ridge golf courses near Portland.
 "We are especially pleased with the financing provided by U.S. National Bank of Oregon," Norris added. While the total purchase price was undisclosed, Norris explained that U.S. National Bank has provided a $13.3-million acquisition loan and a $11.8-million revolving development loan.
 Over the past 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 & Resorts Inc., it manages 2,500 resort and hotel units in markets across the United States. Included are the prime resort locations of Aspen, Vail, Snowmass, Palm Desert (California), Maui and Wild Dunes (Charleston, S.C.). The firm is headquartered in Los Angeles and maintains regional offices in Seattle and Denver.
 -0- 6/3/93
 /NOTE TO EDITORS: The spokesperson for U.S. National Bank of Oregon is: Michael A. Butler, Oregon Corporate Banking Division, U.S. National Bank of Oregon, 503-275-5167./
 /CONTACT: Andy Norris, vice president, of Lowe Development Co., 805-565-2055/


CO: Lowe Enterprises Inc.; Sunriver Oregon Properties Ltd.; Sunriver
 Resort Limited Partnership ST: Oregon IN: LEI SU: TNM


LM-AL -- SE008 -- 5034 06/03/93 13:41 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:460
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