Canada-based Firm Acquiring Lodge, 5,348 Acres on Oregon Coast for $18.75M

TILLAMOOK, OR-Forum National Investments Ltd. says it has signed a letter of intent to acquire a log lodge and approximately 5,348 acres adjacent a state park on the Oregon Coast for $18.75 million. The Vancouver, B.C.-based company traded on the OTC Bulletin Board says it plans to use the property as a resort for its travel club.

The property is bordered by the Pacific Ocean and Tillamook Bay and is adjacent to Cape Mears Peninsula State Park. One of the property’s main features is a fully furnished 7,000-sf Swedish log lodge with views of the Pacific Ocean and Tillamook Bay. The company intends to develop the Oregon property as an eco-tourist destination resort and market the property via its 10,000 member Snowbird Vacations Travel Club and through its wholly owned subsidiary Intravelnet Inc. The lodge and land are being sold by Steven Stoelk and Tillamook Development LLC. The consummation of the acquisition is contingent on Forum’s ability, with the assistance of Stoelk, to arrange for appropriate financing. Upon completion of the acquisitions, tentatively scheduled for Oct. 31, 2003, Stoelk will join Forum’s board of directors.