Crowne Plaza Portland-Lake Oswego sold to BHG Hotels
JLL arranged the sale and financing for the only full-service hotel in Lake Oswego
PORTLAND, ORE., January 9, 2020 – JLL announced today that it has closed the sale of and arranged acquisition financing for the Crowne Plaza Portland-Lake Oswego, a 161-room, full-service hotel in the Portland-area community of Lake Oswego, Oregon.
JLL Hotels & Hospitality marketed the property on behalf of the seller. BHG Hotels, one of the premier hotel owner, developer and operators in the Pacific Northwest, purchased the asset. Additionally, JLL Capital Markets placed the floating-rate loan with First Interstate Bank.
Crowne Plaza Portland-Lake Oswego is the only full-service hotel in Lake Oswego, an affluent suburb 10 miles south of downtown Portland and on the west bank of the Willamette River. It is consistently ranked in the top 10% in “Overall Experience” of all Crowne Plaza Hotels in the world. Opened in 1989, the six-story hotel completed a comprehensive renovation in 2018 and features first-class amenities, including 5,670 square feet of meeting and event space, the Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with snacks and refreshments for purchase.
The hotel is situated on 3.09 acres at 14811 Kruse Oaks Drive adjacent to the 1.8-million-square-foot Kruse Woods Corporate Park and Silicon Forest, home to one of the most diverse high-technology industry clusters in the country. Additionally, Crowne Plaza Portland-Lake Oswego is at the gateway to Lake Oswego and Kruse Way and just off Interstate 5, the highest-traffic highway in Oregon.
The JLL Hotels & Hospitality team representing the seller was led by Senior Vice President Melvin Chu.
“The Crowne Plaza is the only full-service hotel in Lake Oswego,” Chu said. “Given its recent renovation, the hotel is well positioned to be the preferred group and corporate hotel in Lake Oswego. With excellent corporate presence in the surrounding area, the new owner will be able to capitalize on the potential of this unique offering.”
The JLL Capital Markets debt placement team representing the new owner included Managing Director Casey Davidson and Associate Aaron Lapping.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $63.2 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,420 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BHG Hotels
Headquartered in Lake Oswego, Oregon, BHG Hotels is one of the premier hotel owner, developer and operators in the Pacific Northwest. BHG Hotels currently owns over 20 hotels with three hotels under development in Oregon and Washington. BHG’s CEO and President, Bakulesh “Buggsi” Patel is also an award-winning hotelier, receiving the prestigious Kemmons Wilson Service Award in 2017, an honor bestowed upon an individual who has significantly contributed to the IHG Owners Association for the betterment of the entire IHG system.