Paramount Lodging Advisors (PLA) has completed the sale of Western Lodging Limited Partnership (MLCFC 2007-9) interest in the Hilton Garden Inn to Lake Oswego Hotel LLC for $33.5 million/$187,000 per room.
“Lake Oswego and the overall Portland area are on pace for another solid year of RevPAR growth for the 4th straight year, the region’s lodging market continues to outperform and prove to investors that it is a crucial west coast market to be in. We saw first hand the competitive nature of the Hilton Garden Inn offering and are not expecting the interest level to back off anytime in the near future. It’s an excellent time to be a seller in the region; demand for product and interest is high, “ stated Griemsmann.
The 6-story Hilton Garden Inn offers 179-guest rooms, a meeting room and boardroom, approximately 936 and 288 square feet, respectively. Total meeting space of 1,224 square feet. The hotel’s lobby was renovated in 2013 and the new owners expect to spend approximately $3.5 to $4 million updating guestrooms and public areas.
