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Shilo Inn Suites Hotel in Portland Sold, Slated for Redevelopment
Pacific Crest Real Estate Advisors announced the sale of the 200-room hotel that was formerly the Shilo Inn and Suites, located at 11707 North East Airport Way, Portland, Oregon. In 2021, Pacific Crest Real Estate Advisors was engaged in an advisory capacity by Serene Investment Management during due diligence for the Non-Performing Note acquisition. In 2023, Serene Investment Management successfully foreclosed on the asset and came into fee simple ownership.
Several Shilo Inns have been sold at auction in recent months after the brand’s owner, Mark Hemstreet, faced debt owed to a California bank after financial troubles related to more than $20 million in unpaid taxes.
Pacific Crest identified a strategic buyer group, a joint venture between Vesta Hospitality’s Qualified Opportunity Zone Hotel Fund and Integrity Structures, a Pacific Northwest hotel developer and general contractor. The redevelopment of the hotel will include rebranding as a Hyatt and taking advantage of the investment incentives offered by its location in a Federal Opportunity Zone.
