Hilton Worldwide’s boutique hotel collection, Canopy by Hilton, is developing a new hotel in Portland, Ore. The Buccini/Pollin Group, based in Washington, D.C., is developing what will be the brand’s first Canopy property in the city.
When completed in fall 2017, the new hotel will open in the city’s Pearl District on Gallery Row.
“We are excited about our newest addition to our growing Canopy by Hilton portfolio,” Gary Steffen, global head at Canopy by Hilton, said in a statement. “We look forward to offering our guests a truly positive stay. Introducing our guests to this exciting neighborhood via experiences such as visiting the world’s largest bookstore, Powell’s City of Books, the nearby Gerding Theater or enjoying one of several renowned art galleries.”
Phillips Realty Capital arranged a $27.8 million construction loan for the hotel while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency through the EB-5 Immigrant Investor Program.
We’ve become close working partners with Hilton over the past decade, as has EB5 Capital, and the shared experience among all three companies lends even greater confidence to the success of the project,” Dave Pollin, co-founder & president of The Buccini/Pollin Group, said in a statement. “The Pearl District’s exciting array of restaurants, stylish shops, and art galleries complimented by Hilton’s excellence in hospitality, will enable guests to enjoy many memorable experiences.”
The 153-room hotel will be located in a once-abandoned warehouse and on railyards that have since been transformed to include shopping, dining and entertainment venues. The property will have 2,807 square feet of meeting space, complimentary Wi-Fi and the Transfer Lounge.