Norris & Stevens Brokers $2.4M Sale of Land Site for Cedartree Hotel Development in Hillsboro, Oregon
HILLSBORO, ORE. — Norris & Stevens has arranged the sale of a 5.9-acre land site located at NE Wagon and NE Five Oaks drives in Hillsboro. Cedartree Hotels, a subsidiary of Kyoto, Japan-based Urban Hotel System, acquired the property for $2.4 million.
The buyer plans to develop a 120-room hotel with a full-service restaurant, sake bar and traditional tatami flooring. Additionally, the hotel will feature a Japanese garden, heated indoor pool, outdoor stone bath and conference rooms. The project, which will be Cedartree Hotels’ first property in the United States, is slated for delivery in early 2021.
Greg Nesting and Gabe Schnitzer of Norris & Stevens represented the buyer and undisclosed seller in the deal.