Beaverton hotel market to grow 50 percent by 2021
Beaverton’s hospitality market is poised to see a flood of new supply
August 07, 2019
- Beaverton’s hospitality market is poised to see a flood of new supply. When taking into account the 112-room TownePlace Suites by Marriott built in November of 2018, Beaverton is adding 550 hotel rooms to it’s inventory. That’s nearly half the city’s existing supply.
- The most notable hotel to go up will be the Hyatt House in downtown Beaverton. The 5-story, 125-room building that just broke ground joins a variety of other projects in the area such as a 230-room Rise Central Apartment complex that just delivered, a $46 million Patricia Reser Center for the Arts, and a 7-story 350-space parking garage to be shared amongst all three projects. Conveniently, the Beaverton MAX Central Station is 200 feet from the hotel.
- Brandt Hospitality Group also just started on two hotels that will bring 224 rooms next to Cornell Oaks business park, 1 mile from the Nike Headquarters and a short drive to Intel and Tektronix. Competition with other hotels so close to Nike is very slim.
- The first hotel is an Element by Westin, a brand that focuses on sustainability, such as including charging stations. The second hotel will be a Marriott AC Hotel, described as offering a European hotel experience to the market.
- The hospitality group specifically stated Beaverton’s aging hotel inventory as an opportunity to “inject a little ‘new’ in the Beaverton market.” The company also said they’re specifically hoping to serve athletes coming to Beaverton. The company has a 110-room Marriott Residence planned near the Clackamas Town Center as well.
- Lastly, the City of Beaverton recently approved an 89-room Home2 Suites by Hilton extended-stay hotel combined with two retail buildings on the corner of Barnes Road and 188th Avenue with 173 shared parking spaces.
- The hotels come in good timing with Intel and Nike in a full-speed ahead growth mode. Intel will be building an additional 1.5 million square feet of space to accommodate its D1X expansion. Intel has estimated its total employment could jump 12 percent by 2021. While Nike has built multiple buildings in the last couple years, the centerpiece of the expansion is set to deliver this year – a 10 story, 1 million square foot office building named after Serena Williams.
Source: Portland Business Tribune, OregonLive, JLL Research