Union Investment acquired The Porter, a boutique lifestyle hotel in Portland, Ore., which opened at the beginning of the year.
Offering 294 rooms, the property is part of the Curio Collection by Hilton brand. The developer, vendor and operator of the hotel is Widewaters Hotels, which already developed and acquired 38 hotels and currently successfully operates 18 hotels in the US. The purchase price is roughly $150 million, with the acquisition being made on behalf of open-ended real estate fund Unilmmo: Global. 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 previously 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 U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” Andreas Löcher, head of investment management hospitality at Union Investment Real Estate, said in a statement.
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 stories, with the hotel’s 294 rooms arranged across 13 levels. In addition, the hotel has an upmarket restaurant on the ground floor, a coffee bar and a grab-and-go market, plus a rooftop restaurant with additional lounge. In keeping with the hotel’s location in the central business district, it also provides almost 4,000 square feet of conference space. Additional amenities include a heated indoor pool and a fitness center that offers individual meditation and yoga rooms.