Union Investment Acquires The Porter in Portland, Oregon, USA
Date: March 2018
Location: Fountain District, Portland, Oregon, USA
Name: The Porter Portland, Curio Collection by Hilton – 3.5 star, opened 2018
No. of Keys: 294
Seller: Widewaters Hotel, who currently manage 12 hotels (1,641 rooms) across 8 states, headed by Joe Scuderi, President and Ed Shagen, VP Hotel Development.
Buyer: Union International on behalf of the open-ended real estate fund Unilmmo: Global.
The Porter Portland is Union Investment’s sixth hotel location in the US and its second on the west coast.
The hotel will be leased to the joint venture of Geolo, the San Francisco-based private equity investment arm of the John A. Pritzker Family Office; and JW Capital, a Boston-based real estate investment group.
Union Investment currently holds 66 hotel properties across 9 national markets in its actively managed funds.
The hotel portfolio is worth a total of EUR3.9bn, with further expansion of the US segment of the portfolio being a strategic priority.
Price: US$120m
Price per Key: US$408,163
THPT Comment: Union International are rapidly increasing it’s involvement in the USA. Recently, the fund acquired the planned Thompson brand boutique and lifestyle hotel in Washington D.C. and in 2017, the Hilton Garden Inn in Seattle.
First Seen: IPE Real Assets