Two CA Resorts Sold For $25M

SAN LUIS OBISPO, CA— Long Time Owners, Russ and Carole Kiessig, have sold the Sycamore Mineral Springs Resort and Avila Valley Inn for $25 million. The sale of these two properties was completed and recorded on April 4, 2003. The buyer was Sycamore Mineral Springs, LLC, an entity owned and controlled by John E. King. Sycamore Mineral Springs Resort, located on 116 acres of land, includes 74 units of lodging, all with in-room, full-size spas. The property also features a spa building, 20 outdoor redwood hot tubs, an outdoor thermally-heated fresh water swimming pool, an adjacent communal hot water spa pool, The Gardens of Avila restaurant and lounge, meeting space, and entitlements for completion of an additional 22 guest cottages. The Avila Valley Inn includes 15 acres of land, a heated fresh water pool, a large recreational slide, a hot springs soaking pool and lodging.