Wyse Investment Acquiring Salishan Lodge and Golf Resort

PORTLAND-Wyse Investment Services Co. says it has agreed to acquire the 250-acre Salishan Lodge and Golf Resort near Lincoln City from Lend Lease Corp. Built in 1965, it was one of the first destination resorts and conference centers in the Pacific Northwest.

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

“It’s an irreplaceable asset that in the past has operated extraordinarily successfully,” Close tells GlobeSt.com. “It’s a solid business decision, but it’s also a wonderful opportunity to bring a key landmark amenity back to Oregonians and Northwesterners.”