Union Investment Buys $149M Portland Hotel
- Mar 08, 2018
Hamburg-based Union Investment has purchased The Porter, a 294-key boutique and lifestyle hotel in Portland, Ore., for approximately $149 million (EUR 120 million). The acquisition was made on behalf of open-ended real estate fund, Unlimmo: Global. The hotel is part of the Curio Collection by Hilton brand, and Widewaters Hotel LLC is the developer, vendor and operator of the property. The acquisition marks Union Investment’s sixth hotel acquisition in the U.S.
At the intersection of SW 2nd Ave. and SW Columbia St., The Porter is located in downtown Portland, the city’s central business district. The Porter is a 16-story building, with 13 floors of guest rooms. The hotel also features a restaurant, a coffee bar and a grab-and-go market, as well as a rooftop restaurant with a lounge. Additional amenities include approximately 12,916 square feet of conference space, heated indoor pool and fitness center with individual meditation and yoga rooms.
“With its high construction quality, exceptional high-end accommodation concept and excellent location in Portland’s business district, The Porter is the ideal addition to our U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” said Andreas Löcher, head of investment management hospitality at Union Investment, in prepared remarks.
Image courtesy of Union Investment