in the Portland, Oregon Area
|MINNEAPOLIS – February 17, 2005 – CSM Lodging announced today the acquisition
of two hotels in the Portland area – Residence Inn Portland South/Lake
Oswego and the Residence Inn Portland North/Vancouver. These acquisitions
bring the total number of hotels nationwide owned and operated by CSM Lodging
to 37, with five hotels in the Portland area.
“Portland has proven to be a very strong market for us. The addition of these hotels, with their proximately to our other Portland locations, complements our current portfolio,” said Robin Kirk, president of CSM Lodging. “We aggressively expanded in the last year, adding five hotels. We have a strong growth strategy in place to continue purchasing well-built hotels with the right brands, in the right markets, and holding onto them for the long term.”
CSM Lodging is currently seeking additional acquisitions and can act immediately if attractive properties become available. The company specifically seeks full-service hotels in markets with a high barrier-to-entry, limiting the risk for a rapid increase in supply. CSM Lodging is also seeking new construction opportunities.
The recently renovated Residence Inn Portland South/Lake Oswego, located at 15200 SW Bangy Road in Lake Oswego, Ore., has 112 suites designed primarily for extended-stay business travelers. The 120 suite Residence Inn Portland North/Vancouver, located at 8005 NE Parkway Drive in Vancouver, Wash., has 120 suites. CSM Lodging will provide technology updates to each hotel in the next year to satisfy the growing needs of business travelers. A more extensive renovation will take place at the Residence Inn Portland North/Vancouver, including refurbishing all guest rooms and improving the public areas of the hotel.
“Our aim is to meet the increasing needs of the current business traveler and the new generation of leisure travelers,” Kirk added. “Because we own our assets, we will make the appropriate capital investments to add value to these properties.”
CSM Lodging is a division of CSM Corporation, which owns and operates 37 properties across the United States under the Marriott, Hilton and Carlson brands. CSM Lodging has been recognized as Marriott's "Developer of the Year" for an unprecedented two years in a row.
CSM Corporation, founded in 1976, is headquartered in Minneapolis, Minn. CSM Corporation engages in the acquisition, development, leasing, management, and ownership of quality real estate assets. The company’s extensive portfolio includes retail, industrial, multi-family residential and hotel properties across the continental United States.
500 Washington Avenue South, Suite 3000
Minneapolis, MN 55415
|Also See:||Alan Hatfield Appointed by CSM Lodging as Regional Vice President of Hotel Operations - Western Region / February 2005|
|Minneapolis-Based CSM Corporation Acquires the 197 room Holiday Inn Minneapolis West for $9.325 million / Aug 2004|