Pending sale of Semiahmoo Resort sale falls through

Updated: March 1, 2011

Bucking the trend of Indian tribes adding golf courses that complement their casinos, the Upper Skagit Indian Tribe was planning to sell the Semiahoo Resort that includes two golf courses and a world-class hotel.

Late last year a pending sale was leaked by the management when it notified it’s 300 full and part-time workers that their jobs could be terminated by the new owners.
The February 15th deadline for the sale has passed, now it appears that the deal fell through because the buyer couldn’t come up with the money necessary to close the transaction.

Harry Chesnin, attorney for the majority owner Upper Skagit Indian Tribe, said the would-be buyers could not come up with the cash.

“It all boiled down to funding,” Chesnin said. “The potential buyer was unable to produce the funding in the time they felt allowed them to go forward.”

Chesnin had earlier identified the potential buyer as Armada Investments, but there are several entities under that name and it was not clear what individuals were involved. Chesnin declined to identify them, and the potential purchase price was not disclosed.

The resort is 51 percent owned by the tribe, with Trillium Corp. of Bellingham owning the other 49 percent.

Semiahmoo is among the largest resorts in the state, with close to 200 guest rooms and suites.

Chesnin said the owners are not actively seeking buyers.

“The resort has never been on the market in that respect,” Chesnin said. “We were approached, and obviously if we were approached again we would seriously look at the proposals.”