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Port Ludlow Resort Sale Nets $16.7 Mil

PORT LUDLOW, WA-The deal completes the exit of Pope Resources from the resort and real estate development industries, which were secondary to its primary business of timber. Buyer HCV Pacific Partners adds Ludlow to its existing hotel and leisure portfolio.

By Janet Parker | Updated on August 10, 2001

PORT LUDLOW, WA-Poulsbo-based timber company Pope Resources LP announced late yesterday that it finally inked a deal for its 1,300-acre Port Ludlow development. HCV Pacific Partners, headquartered in San Francisco, is paying $16.7 million. Of that, $11 million is up-front cash with the remainder to be paid under a three-year promissory note.

The resort property includes the 37-room Heron Beach Inn, a 300-slip marina and a 27-hole golf course. Real estate development assets include residential sites in a master-planned community, which have yet to be built. That is, about 100 developed lots and raw land sufficient for 450 additional residential lots.

Pope went public last December with its intention to get out of the real estate development business by selling the Port Ludlow assets held in its subsidiary, Olympic Resource Management. Pope’s plans are to focus entirely on timber activities.

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