The resort property includes the 37-room Heron Beach Inn, a300-slip marina and a 27-hole golf course. Real estate developmentassets include residential sites in a master-planned community,which have yet to be built. That is, about 100 developed lots andraw land sufficient for 450 additional residential lots.

Pope went public last December with its intention to get out ofthe real estate development business by selling the Port Ludlowassets held in its subsidiary, Olympic Resource Management. Pope'splans are to focus entirely on timber activities.

In January, GlobeSt reported that HCV had shown interest in PortLudlow, but nothing was confirmed, and the deal went undergrounduntil surfacing yesterday with the formal announcement. HCV willpurchase the resort and development under a subsidiary named PortLudlow Associates LLC.

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