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Downtown Portland Hotel Ownership Returned to Lender
The lender for the hotel portion of Portland’s Broadway Tower has taken back ownership of the property, following a deed in lieu of foreclosure from BPM Real Estate.
A statutory warranty deed was recently filed, transferring ownership of the hotel to an entity tied to Dallas-based Canyon Partners. The transaction does not include the building’s office floors, which BPM sold in 2020 for $132.5 million, reported the Oregonian.
BPM, led by Portland developer Walter Bowen, had retained ownership of the Hotel Vance, which occupies the first eight floors of the 19-story 430,000-square-foot tower at 1455 S.W. Broadway. The remaining upper floors house office tenants such as Amazon, AARP Oregon, and law firm Cable Huston.
Bowen refinanced the hotel’s debt in 2022 with a $47.4 million loan that matured in January 2025. Canyon Partners filed a lawsuit last November alleging default and requested a court-appointed receiver. Earlier this week, both parties moved to terminate the receivership following the deed transfer.
