JLL arranges sale of Residence Inn Portland Downtown/Pearl District
Portland’s appeal is driven by its dining, shopping and entertainment options, technology sector and outdoor recreational attractions
PORTLAND, October 11, 2019 – JLL Hotels & Hospitality announced that the firm has advised on the sale of the Residence Inn Portland Downtown/Pearl District, on behalf of Pearl Hotel Investors, LLC. Washington Holdings, LLC purchased the 223-key hotel.
Executive Vice President Mark Fraioli and Senior Vice President Melvin Chu led the JLL team on the transaction.
“Portland’s appeal is driven by its unique dining, shopping and entertainment options, growth in the technology sector and outdoor recreational attractions,” said Fraioli. “The Residence Inn’s strategic location next to the Broadway Corridor urban redevelopment project positions it well to experience many additional years of demand growth.”
Added Chu, “The Pearl District has been the subject of a significant urban renewal since the early 1990’s and is now recognized as one of Portland’s most upscale and exciting neighborhoods. Since opening in 2014, the custom-built Residence Inn has quickly emerged as one of the top-performing hotels in the Pearl District and downtown Portland.”
The hotel is located in Portland’s growing Pearl District, near numerous leisure and corporate demand generators, including 11.6 million square feet of Class A office space. Amenities include more than 4,000 square feet of meeting space, a full-service restaurant and bar, an outdoor courtyard with a lounge, fire pit and grills, a 24-hour fitness center and an indoor swimming pool.
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com