Union Investment Acquires The Porter in Downtown Portland, Oregon for EUR 120 Million ($149M)
March 7, 2018 11:15am
Union Investment has acquired the boutique and lifestyle hotel The Porter in Portland on the west coast of the US, which opened at the beginning of the year. Offering 294 rooms, the property is part of the Curio Collection by Hilton brand, a global portfolio of exceptional hotels for discerning travellers. The developer, vendor and operator of the hotel is Widewaters Hotel, LLC, which has already developed and acquired 38 hotels and currently successfully operates 18 hotels in the US. The purchase price is around EUR 120 million, with the acquisition being made on behalf of open-ended real estate fund Unilmmo: Global and thus further strengthening its hotel portfolio. Recently, the fund acquired the planned Thompson brand boutique and lifestyle hotel in Washington D.C.
The Porter is located at the intersection of SW 2nd Avenue and SW Columbia Street in downtown Portland, which is the city’s central business district. Portland is Union Investment’s sixth hotel location in the US and its second on the west coast. The Hamburg-based real estate investment manager acquired the Hilton Garden Inn Seattle in 2017.
“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 US 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 Real Estate GmbH. The Curio Collection by Hilton brand has been represented in Union Investment’s holdings since 2016, when sister fund Unilmmo: Europa purchased the LondonHouse hotel with 452 rooms in central Chicago.
The Porter comprises 16 storeys, with the hotel’s 294 rooms being arranged across 13 levels. In addition, the hotel features an upmarket restaurant on the ground floor, a coffee bar and a grab & go market, plus a rooftop restaurant with additional lounge. In keeping with the hotel’s location in the central business district, it also provides approximately 1,200 sq m of conference space. Additional highlights include a heated indoor pool and a fitness centre which offers individual meditation and yoga rooms.
Tags: union investment,
Contact: Simon Sahm
+49 40 3491 94054
Hilton Appoints Jorge Giannattasio as Senior Vice President and Head of Caribbean and Latin America Operations
New York Hilton Midtown Appoints Jason Tresh as Hotel Manager
Hilton Opens Dual-Branded Hampton by Hilton Monterrey Apodaca and Homewood Suites by Hilton Monterrey Apodaca in Mexico
Hilton Appoints Matt Fry as New Senior Vice President of Development in Asia-Pacific
OTO Wins Hilton Developer of the Year Award -- for 2nd Consecutive Year
Owned by The Javelin Group and Managed by Aimbridge Hospitality, Canopy by Hilton Dallas Uptown Set to Open in Texas
Marriott, AccorHotels and IHG Top Asia Pacific Construction Pipeline, Excluding China
Harrison Group Hotels Opens DoubleTree by Hilton Ocean City Oceanfront Following Renovation and Rebranding
Hilton Joins With GdF Hotel Srl to Open Grand Hotel Villa Torretta Milan Sesto, Curio Collection by Hilton in 500-Year-Old Milanese Villa
Hilton Appoints Vera Manoukian as Global Brand Head of Hilton Hotels & Resorts
Hilton Honors Its Top Owners and Developers; Awards Presented at NYU International Hospitality Conference
Hilton and Country Garden Hotels Group Form Strategic Partnership for Conversion of Properties to Hilton Brands
Owned and Managed by Easton’s Group of Hotels, Embassy Suites by Hilton Opens in Montreal
Waldorf Astoria Hotels & Resorts Plans Conversion of Mandarin Oriental on Las Vegas Strip to Waldorf Astoria Las Vegas
Waldorf Astoria Chicago and Conrad Chicago Appoint Todd Temperly as General Manager
Hilton Signs Two Tapestry Collection Properties in Lima, Peru: Hotel Bel’Arte Lima and Hotel Museo de Osma
Hilton Garden Inn Opens in Qidong, Jiangsu Province Marking First International Hotel Brand to Enter the City
Hilton and Hotelaria Brasil Sign Strategic Development Agreement to Open the First Hampton by Hilton Hotel in Brazil
Hilton Names Martin Rinck as Global Head of Luxury and Lifestyle Group
Baywood Hotels Opens Tru by Hilton Downtown San Antonio Through Adaptive Reuse of Historic Gillespie Ford Building
Please login or register to post a comment.