Oregon window and door manufacturer Jeld-Wen has put several Northwest destination resorts up for sale.
The privately held company based in Klamath Falls declined to comment about why it is selling some of the best-known resort properties in the region, including Eagle Crest in Redmond and the Running Y Ranch in Klamath Falls.
The company also hopes to sell Brasada Ranch in Powell Butte, RidgeWater Properties next to the Running Y in Klamath Falls, and the Silver Mountain ski resort in Kellogg, Idaho, The Oregonian reported.
According to sales literature, Jeld-Wen executives hope to close the sale of its resorts by year’s end.
The sale follows the death last August of Jeld-Wen founder Dick Wendt, who built a small mill in Klamath Falls into a $2 billion company with 20,000 employees.
The company has been affected by the housing market bust because its core windows and door business is tied to residential construction and its resorts rely on real estate sales to generate the bulk of their business.
Eagle Crest, near Redmond, is the oldest of the Jeld-Wen resorts. The 1,700-acre property features three golf courses, a 100-room inn and a conference center with 10,000 square feet of meeting space.
Jeld-Wen has already sold its stake in Yarrow, a smaller, upscale housing development in Madras and it still owns a minority stake in Suncadia, a large resort near Roslyn in central Washington.
Tom Luersen, executive vice president for Lowe Hospitality Group, oversees operations at Sunriver near Bend and at Suncadia, which is co-owned by Lowe and Jeld-Wen.
Luersen told The Oregonian he was unfamiliar with Jeld-Wen’s plans. But the fact that a down housing market poses significant challenges for the destination resort business is obvious, he said.
Restaurants, golf courses and hotels create some revenue for these resorts. But the real money is in homes. “These are all real estate resort projects,” Luersen said. “And it’s no secret that Bend is one of the hardest hit markets in the country.”