Portland Hospitality Heats Up: Lloyd Center DoubleTree Goes Up for Sale, Governor Hotel Gets New Name
- Mar 04, 2014
Debate over the development of a major hotel-convention center in downtown Portland has been going on for quite a while. Now, a property that could influence willing investors has been put up for sale by its owner, prompting new discussions about a major hospitality project in the city. Mount Kellett Capital has reportedly hired Eastdil Secured to handle the marketing process for the DoubleTree by Hilton Hotel in Lloyd Center. The property is currently valued at around $100 million, according to the Portland Business Journal.
Located at 1000 N.E. Multnomah St., the DoubleTree-flagged property offers 477 rooms, making it the largest hospitality property in the city’s core. The property would be the main competitor of an idea, currently being shopped around by the city to investors, to develop a 600-key hotel near the Oregon Convention Center in order to boost the city’s profile as a site for meetings and major conferences. The previous owner of the facility was WMK Portland, which received $67.2 million for the property in 2011. According to the business journal, the current franchise agreement could be terminated for a fee, meaning that a new owner could completely rebrand the property, bringing in an entirely new management team.
In other hospitality news, another major property recently made headlines, as the Governor Hotel at 614 S.W. Eleventh Ave. is set to be renamed. Owner Provenance Hotel Group will soon finish a $6 million renovation of the two buildings that form the 100-key hotel, to be called The Sentinel Hotel. The current owners acquired the hotel in 2012, paying $20 million to the Royal Bank of Scotland, which took ownership of the property from an owner hit by economic strain.
Image courtesy of doubletree3.hilton.com.