Xenia Hotels & Resorts acquired the newly developed, 600-room Hyatt Regency Portland at the Oregon Convention Center for $190 million. The purchase price included the complete development cost of the hotel, as well as preopening and startup costs, working capital and all supplies to ensure the hotel was fully operational upon opening.
Opened on Dec. 19, 2019, the 14-story hotel includes 39,000 square feet of meeting space, three food-and-beverage outlets and a gym. The hotel is located in downtown Portland near the Oregon Convention Center, Legacy Medical Research Institute, Moda Center, Veterans Memorial Colosseum and Lloyd Center.
The hotel marks the 10th Hyatt-managed property in Xenia’s portfolio. According to Marcel Verbaas, Xenia’s chairman/CEO, approximately 30 percent of the company’s total portfolio room count is now affiliated with Hyatt brands in the luxury and upper-upscale segments.
"We are thrilled with the acquisition of the newly built Hyatt Regency Portland at the Oregon Convention Center, which is expected to be the focal point of Portland's growing convention business due to its adjacency to the newly renovated 1 million square foot Oregon Convention Center," Verbaas said in a statement. "The quality level of the new hotel, coupled with its high-barrier-to-entry location near multiple demand drivers in a dynamic lodging market, results in an excellent strategic fit for Xenia."
Xenia Hotels & Resorts owns 39 hotels comprising 11,245 rooms across 16 states.