Union Investment Acquires The Porter Hotel in Downtown Portland for $148.8M
PORTLAND, ORE. — Union Investment Real Estate GmbH has acquired The Porter, a 294-room boutique hotel in downtown Portland, for $148.8 million. The 16-story hotel is located at 1355 SW 2nd Ave. in the city’s Central Business District.
The asset is part of the Curio Collection by Hilton brand. Syracuse, N.Y.-based Widewaters Hotels is the hotel’s developer, vendor and operator. Union Investment purchased the property from Widewaters via its open-ended real estate fund Unilmmo: Global.
“The Porter is the ideal addition to our U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” says Andreas Löcher, head of investment management hospitality at Union Investment.
The Porter, which opened this past January, features an upmarket restaurant on the ground floor, a coffee bar and a grab-and-go market, as well as a rooftop restaurant and lounge. The hotel also provides about 1,200 square feet of conference space, in addition to a heated indoor pool and a fitness center, which offers individual meditation and yoga rooms.
Portland is Union Investment’s sixth targeted hotel location in the U.S. and its second on the West Coast. The Hamburg, Germany-based real estate investment manager acquired the Hilton Garden Inn Seattle in 2017 and recently purchased the planned Thompson-branded hotel in Washington, D.C.
The Curio Collection by Hilton brand has been represented in Union Investment’s holdings since 2016, when sister fund Unilmmo: Europa purchased the 452-room LondonHouse hotel in Chicago.
Union Investment Real Estate GmbH was founded in 1965. As of June 30, 2017, the company’s real estate portfolio spanned nearly 700 properties or projects worldwide and 14 real estate funds. Union Investment’s assets under management total roughly $42.9 billion in its open-ended retail real estate funds, specialised funds and service and pooling mandates.
— Nellie Day