The acquisition price of the resort, which includes 32,000 sf ofretail fronting Highway 101, is confidential until the transactionis complete, but local sources say Wyse will be acquiring theproperty for less than Lend Lease paid in 1996, which was about $27million. Wyse President Greg Close tells GlobeSt.com that another$5.5 million will be spent on upgrading the facilities, includingrefurbished rooms wired with current technology, a new day spa andnew greens on the golf course.

"It's an irreplaceable asset that in the past has operatedextraordinarily successfully," Close tells GlobeSt.com. "It's asolid business decision, but it's also a wonderful opportunity tobring a key landmark amenity back to Oregonians andNorthwesterners."

Wyse Investment has invested $200 million in the past 10 yearson behalf of individuals and pension funds. The firm also managessome 1.5 million sf for private individuals and originates loans onbehalf of its pension fund clients, which include Les Schwab andStoel Rives.