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Xenia Lands Recently-Built Hyatt Regency in PDX for $190M
Orlando-FL-based Xenia Hotels & Resorts acquired the 600-room Hyatt Regency Portland at the Oregon Convention Center for $190 million. The newly-christened 14-story property at 375 NE Holladay St. was developed by Minneapolis-based M.A. Mortenson Co.
Xenia’s chairman and CEO Marcel Verbaas said on the company’s earnings call this week, “On the acquisition side, we were thrilled to acquire the 600-room Hyatt Regency Portland for $190 million, or approximately $317,000 per key, a very attractive basis for this high-quality, newly-developed hotel.”
The development of the new hotel in tandem with upgrades made to the Oregon Convention Center is expected to help the Rose City attract more convention business. The Hyatt Regency property will serve as a convention HQ hotel, which did not exist previously.
The acquisition was funded with cash available on the Xenia’s balance sheet and its Senior Unsecured Revolving Credit Facility. The acquisition is part of a portfolio upgrade strategy.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
