A Chicago-based investor has recently acquired The Hilton Portland and Executive Tower, the Portland Business Journal reports. The transaction is speculated to be worth approximately $100 million, which is not a staggering amount, considering the fact that the property is the city’s largest hotel. In fact, the per-room sale price comes in at about $128,000, less than half of what it costs to develop a hotel room in downtown Portland. The party buying the Portland Hilton is a partnership created by Chicago-based companies Walton Street Capital and Lodging Capital Partners L.L.C.
The Hilton is a 782-key property located in downtown Portland, at 921 S.W. Sixth Ave., and is also the largest property of its kind in the entire state of Oregon. It offers guests a variety of rooms, ranging from the more affordable Accessible Rooms and Guest Rooms to the upper-tier Suites and Executive Rooms. Executive Rooms offer guests 20th-floor views, business desks, 37-inch flat panel TVs and leather recliner chairs, as well as a complete office package including a printer/copier/fax/scanner unit. Additionally, the hotel offers 66,000 square feet of versatile meeting space, including 30 function rooms operating with expert staff. Dining options include the on-site Bistro 921, an informal, American-themed eating spot, as well as the Italian-branded Porto Terra Tuscan Bar and Grill. Pool and fitness facilities are also provided courtesy of the full service Hilton Athletic Club, while the 24-hour business center offers free high-speed Internet access.
According to the Portland Business Journal, the sale of The Hilton Portland could spur on talks of developing a new Hyatt Regency-branded facility near the Oregon Convention Center. This would provide a considerable bump in the amount of available rooms the city has to offer, while also encouraging larger events to come to the emerging city.
Image courtesy of hilton.com