|By Jonathan Brinckman, The Oregonian, Portland, Ore.|
Knight Ridder/Tribune Business News
Feb. 19, 2005 - The Heathman Hotel, a downtown luxury hotel owned until 2000 by a Northwest family, is now wholly owned by London-based Taylor-Clark Inc.
The British company paid an undisclosed amount to buy out its former partner, the Rim Hotel Group of Modesto, Calif., The Heathman's general manager confirmed Friday. The transaction was completed Dec. 15, he said.
The two companies bought the hotel in September 2000 from the Stevenson family of Bingen, Wash., for what Rim officials said at the time was about $25 million.
Day-to-day operations at The Heathman will remain unchanged, said Jeff Jobe, general manager. The 150-room hotel will continue to be managed by The Rim Corp., an affiliate of Rim Hotel Group that includes some of the same investors but operates separately.
"This was an opportunity for Taylor-Clark to establish itself in the luxury hotel market," Jobe said. Taylor-Clark, privately held, invests in hotels, restaurants, agriculture, retail and real estate. The Heathman Restaurant in the hotel is operated by McCormick & Schmick's, a Portland-based restaurant chain.
Jobe also said Friday that The Heathman is donating $100,000 to the Oregon Historical Society in cash and services. He said the donation, 80 percent in cash, will be given over three years. The Heathman, at 1001 S.W. Broadway, is two blocks north of the Oregon Historical Society.
In an unrelated real estate transaction, CSM Lodging announced that it bought two Residence Inn properties in the Portland area, bringing its hotel holdings to five in the region.
In a transaction that closed Tuesday, CSM bought the recently renovated 112-room Residence Inn Portland South/Lake Oswego at 15200 S.W. Bangy Road in Lake Oswego and the 120-room Residence Inn Portland North/Vancouver at 8005 N.E. Parkway Drive in Vancouver.
Innkeepers USA Trust, a real estate investment trust, sold both properties to CSM. The company said it plans technology upgrades in both hotels.
"Portland has proven to be a very strong market for us," said CSM President Robin Kirk. "We have a strong growth strategy in place to continue purchasing well-built hotels with the right brands, in the right markets, and holding on to them for the long term."
Dylan Rivera of The Oregonian contributed to this report.
-----To see more of The Oregonian, or to subscribe the newspaper, go to http://www.oregonian.com.
(c) 2005, The Oregonian, Portland, Ore. Distributed by Knight Ridder/Tribune Business News. For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail email@example.com.