On behalf of Prima Hotels, JLL’s Hotel & Hospitality Group announced the sale of a 328-room hotel portfolio in Portland, Ore. The portfolio is comprised of three properties located seven miles north of downtown Portland, providing easy access to extensive office and light industrial businesses as well as Portland International Airport.
Senior Vice President Mark Fraioli and Vice President Melvin Chu led the JLL team on the sale.
“The acquisition of the portfolio was an attractive opportunity for the buyer to secure three Marriott-branded hotels in one of the strongest lodging markets in the western U.S.” explained Fraioli. “Moreover, these particular hotels offer strong going-in yield for the buyer and significant upside potential through renovation and enhanced sales and marketing strategies.”
“This sale was a demonstration of the continued interest in upscale select-service hotels and confidence in Portland’s long-term economic growth,” added Chu.
The portfolio comprises the 133-room Courtyard Portland North Harbour, the 102-room Residence Inn Portland North Harbour, and the 93-room Fairfield Inn & Suites Portland North Harbour. The three hotels are members of the Marriott franchise system.