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Phoenix Broker Clinches Long-Distance $36M Resort Sale

PHOENIX-Delaware North pays cash for a 323-room, four-building resort in British Columbia after its broker stepped in before the seller put it on the market. The transaction closed 75 days after the letter of intent was signed.

By Beverly Ford | Updated on September 05, 2002

PHOENIX-It took a broker from Phoenix to wrap up a $36-million (CDN, $24 million US) sale in British Columbia, more than 1,600 miles away, before the property even came on the market.

The long-distance transaction, negotiated by CB Richard Ellis Inc.’s Bill Murney in Phoenix, resulted in the sale of the Canadian resort and spa to Delaware North, which operates hotels at resort and park locations in the US and Canada. Murney tells GlobeSt.com he learned seller Oak Tree Capital, headquartered in Los Angeles, was considering putting the 323-room Harrison Hot Springs Resort on the market while working on another deal for Buffalo, NY-based Delaware North and immediately moved on the information.

“We were fortunate to go in and make an unsolicited offer and reach a settlement,” Murney says of the $36-million deal that closed just 75 days after the company signed a letter of intent.

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