Coast Hospitality Receives $51.1M Refinancing for Benson Hotel Renovations in Portland
PORTLAND, ORE. — Seattle-based Coast Hospitality has received a $51.1 million loan for the refinancing and renovation of Benson Hotel in downtown Portland. Dallas-based Hall Structured Finance closed a first lien bridge loan for the borrower.
Originally built in 1912 and expanded in 1959, the 13-story hotel features 287 guest rooms, including 57 suites; two restaurants; a bar/mezzanine lounge; and almost 18,000 square feet of indoor meeting space spanning across 18 different rooms, including two separate ballrooms; a 12-story historic stairwell; fitness center; and business center.
The borrower plans to renovate the hotel’s common areas, including the meeting space, lobby and food and beverage outlets. The property, which previously operated independently of a national brand, will be flagged under the Hilton Curio Collection in the fourth quarter of 2021.
Jonathan Falik of JF Capital Advisors advised Coast Hospitality on the loan and the branding.