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Erie Islands Resort & Marina

CASE STUDY

Provided DIP financing to maintain the property and ran a competitive bidding process for the sale of this waterfront resort

Client ERIE ISLANDS RESORT & Marina

By The Numbers

The Chapter 7 trustee appointed Gordon Brothers as a real estate consultant to assist in selling Erie Islands Resort & Marina’s assets, including owned properties. In addition, Gordon Brothers provided a $600,000 DIP loan to fund the operations of the estate.

Erie Islands Resort & Marina is a seasonal resort located in Port Clinton, OH situated on 375 acres (13 parcels) with a 33-guestroom waterfront hotel, salon & spa, 52 single-standing cottage units, vacation homes and a 138-site RV village with a tent-campground, a 100-slip marina with fuel electric hookups and two water access ramps, a 15,000 SF indoor recreation center, indoor and outdoor swimming pools, private meeting and event facilities and fishing pond. Other amenities include steam room, convenience store, restaurant, tanning salon, arcade, media room, racquetball court, weight room, pool tables, large pavilion with fire place, small pavilion, barbeque pits, basketball court, walking trail, paddle boats, miniature golf, 9-hole disc golf course and playground, and direct boating access to Portage River leading into Lake Erie.

In addition to marketing and running a competitive bidding process, we were able to secure a stalking horse bid to mitigate downside risk. The resort is in the process of being revitalized and reopened.