ELS Sells Snoqualmie Valley Property

ValleyRecord says a hospital board in Snoqualmie, Washington just east of Seattle voted to close a deal with Equity LifeStyle Properties, Inc. (ELS) over two years early and take immediate possession of the property, saving $5 million and reducing debt by almost $7 million. The 22-acre property, formerly the site of Leisure Time campground on Snoqualmie Ridge, was originally scheduled for construction of the Snoqualmie Valley Hospital’s new campus, but a lawsuit between the two parties squelched the deal. Litigation resulted in a $6.7 million settlement, and now the property will cost the hospital $7.5 million. Under the original agreement, if the hospital sold the property within five years of purchase, the net above the original price would be split 50/50 with ELS. The new agreement raises the profit-sharing basis to $10 million. Rodger McCollum, the hospital’s CEO, says, “The bottom line is that the early settlement and possession allows us to put to use what will be a valuable asset to the District and the community.” As MHProNews knows, ELS is the largest MHC owner in North America with over 141,000 sites.

(Photo credit: Equity LifeStyle Properties, Inc.)

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