Coastal Oregon Hotel Changes Ownership
- Jan 15, 2016
By Ioana Neamt, Associate Editor
Located at 3733 Highway 101 in Lincoln City, Ore., the Edgecliff Motel sits on a bluff overlooking the Pacific Ocean. The property is conveniently located roughly one mile south of the 63-store Tanger Outlet Mall, in proximity to the south end of Lincoln City on the Central Oregon Coast.
Crystal Investment Property represented the undisclosed seller in the sale of the Edgecliff Motel. Joseph Kennedy, president of the company, worked closely with both the buyer and seller to negotiate the $1.6 million price tag for the property. The buyer of the asset is planning to invest close to $1 million in upgrades at the site.
“We were pleased to be able to overcome hurdles in what was a very complex purchase structure in order to close the sale for the Seller,” said Kennedy in a statement. “The Buyer is beginning a comprehensive remodel and we look forward to the positive improvements this revitalized property will bring to the hospitality marketplace in Lincoln City.”