Newly Opened Hyatt Regency Hotel Trades for $190M
- Dec 20, 2019
Hyatt Hotels Corp. has opened Hyatt Regency Portland at the Oregon Convention Center, a 600-key hotel in Portland, Ore. Apart from being the company’s first full-service property in Portland, this is the City of Roses’ first convention center hotel. Xenia Hotels & Resorts Inc. has acquired the asset for $190 million, or $317,000 per key, making it the 10th Hyatt-branded hotel under its management.
Located at 375 NE Holladay St., the 14-story building is situated steps from the Oregon Convention Center, which recently completed a $40 million renovation by upgrading its accessibility throughout the one-million-square-foot facility, as well as a flexible outdoor space for events. Additionally, the hotel offers convenient access to Portland’s Waterfront Loop with paved running and bike trails, Legacy Medical Research Institute, Moda Center, Veterans Memorial Colosseum, Lloyd Center and various dining and shopping venues.
Hyatt Regency Portland at the Oregon Convention Center also includes 16 suites and common-area amenities such as a fitness center, three food and beverage outlets, as well as 20 event rooms totaling 39,000 square feet:
- The Regency Ballroom, a 11,822-square foot venue for up to 1,200 people;
- Deschutes Ballroom, includes 5,000 square feet of space for 350 guests;
- Unity-Q, an open-concept restaurant;
- Spoke & Fork, the lobby restaurant and bar;
- The Market, a 24-hour grab-and-go retail space with cafe;
- 18 meeting rooms ranging from 110 to 1,400 square feet.
The transaction costs include the development price, the pre-opening and startup costs, working capital, as well as all the supplies. Portland-based developer Mortenson in partnership with ESG Architects built the hotel which has achieved Gold Leadership in Energy and Environmental Design certification. A few weeks ago, Hyatt Hotels Corp. opened the largest Hyatt Place hotel in the world: Hyatt Place New York City/Time Square, a 520-key property in New York City.