March 13, 2018
Hamburg, Germany-based Union Investment acquired the boutique and lifestyle hotel The Porter in Portland, OR for roughly $150 million. The 16-story, 294-room property is part of the Curio Collection by Hilton brand, which opened at the beginning of the year.
The developer, vendor and operator of the hotel was Widewaters Hotel, LLC. The acquisition was made on behalf of the open-ended real estate fund Unilmmo: Global.
The Porter is located at the intersection of SW 2nd Avenue and SW Columbia Street in downtown Portland’s CBD. The hotel features an upmarket restaurant on the ground floor, a coffee bar and a grab and go market, plus a rooftop restaurant with additional lounge.
It is Union Investment’s sixth hotel acquisition in the U.S. and its second on the West Coast, following the real estate investment manager’s acquisition of the Hilton Garden Inn Seattle in 2017.
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