Vancouver-based Vesta Hospitality has purchased one of Central Oregon's best-known hotel properties, the Riverhouse Hotel & Convention Center in Bend, and will launch a major makeover late this year, according to the Columbian.
Rick Takach, president and CEO of Vesta Hospitality, told the paper that his company and outside investors expect to spend $6 million or more on upgrades to the hotel facility, which includes the 53,000-square-foot convention center, a dining building and 220 rooms in numerous buildings along or near the Deschutes River in the heart of Bend. The convention center is the largest meeting space in Central Oregon, with capacity of more than 1,000 seated guests.
Takach also said he and the owners had agreed not to disclose the purchase price.
The acquisition is the latest and one of the largest deals for Vesta, a hotel acquisition and management company that was launched in 1996 as the Northwest Hospitality Group and renamed as Vesta Hospitality a decade later. The company currently owns 13 hotels at scattered U.S. locations, including the Hilton-branded Homewood Suites in Vancouver. During its history, it has built or acquired 45 hotels, typically with financial backing from investors. Although Vesta has held on to a few hotels for the long haul, the company typically purchases, renovates and then sells the hotels, Takach said.
"Most of the time when we look at buying and creating value, we estimate a three to seven year period" of ownership, he said.