Another
of the resort properties acquired from window and door manufacturer Jeld-Wen in
2010 has changed hands, this time Eagle Crest Resort near Redmond which was
among the first generation of destination vacation developments in Central
Oregon.
A
deed filed Februay 5 with the Deschutes County County Clerk shows that Eagle
Crest Acquisition Group bought the resort property from Eagle Crest Resort
Development LLC for $12 million. Another filing the same day records a deed of trust
from the buyer to Bank of America for $11.5 mllion.
The
recorded transaction lists the transfer of about 80 separate properties
including condos, lots and the commercial village center.
The
possible sale of Eagle Crest was revealed in January by a spokesman for
Northview Hotel Group which had acqui
red the resort in 2010 along with the
Running Y near Klamath Falls and Brasada Ranch east of Bend.
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| View to Smith Rock from Eagle Crest golf course |
The
spokesman said then that Eagle Crest was performing well but that Northview’s
primary capital partner, Oaktree Capital, was interested in a sale, according
to previously published reports.
Northview
previously sold the Running Y in September of 2014 to CLV Propeties, with William
Lynch listed as the principal, for slightly more than $3 million.
Eagle
Crest Acquisition is registered in the state of Oregon with a mailing address on
Mariner Street in Tampa, FL., the same address listed for KDG Capital LLC,
which research shows is controlled by Dr. Kiran Patel, a cardiologist,
healthcare entrepreneur and philanthropist who has revived and sold several health
management organizations (HMOs).
A
December 2017 profile in Florida Trend business magazine notes that Patel has
made “hundreds of millions in growing and selling health care companies” and
that he and wife, Pallavi, a pediatrician, have donated more than $240 million to education,
arts and healthcare causes in Florida.
Patel’s
first major acquisition in the HMO sector was in 1987 when he bought WellCare,
at the time close to failure, and built it into a $1 billion revenue operation
that was acquired in 2002 by an investment group, including hedge fund manager
George Soros, for an estiimated $400 million.
In
2007 he bought America’s 1st
Choice, another struggling HMO, which he divested in October of 2017 to healthcare
giant Anthem for what Florida Trend says was likely around $1 billion. At the
time revenue was reported to be $1.4 billion.
The
magazine reported that Patel bought several beachfront parcels in Clearwater
Beach, FL in the mid-2000s for $40 million and demolished three hotels on the
properties. In January of 2017 Patel held a grand opening for the $175 million,
750,000 square foot Wyndham Grand resort on the site.
Among
other lodging investments by Patel and affiliated investors are the Hyatt
Regency in Sarasota, FL; a 230-room Mariott in Minneapolis; and 316-room Cheyenne
Mountain Resort in Colorado Springs. All have been acquired in the past year
according to various online research sources.
