Larkspur To Buy Properties In Oregon

PORTLAND, OR— Larkspur Hospitality has completed due diligence for the purchase of the RiverPlace Hotel and Rental Properties here from RiverPlace Associates, LLC, a Seattle-based investment partnership. The purchase includes the 84-room hotel and Lucere Restaurant along with the 39,000-square-foot RiverPlace Office Building; the 20,000-square-foot Esplanade shopping plaza; the 207-slip RiverPlace Marina; a floating restaurant, Newport Bay; and 147 parking spaces for the office, retail, and marina. The transaction is expected to close in July. In March of 2003, Larkspur announced it had raised $107- million of new capital in a $90 million first mortgage provided by Greenwich Capital Management and $17 million in preferred equity financing. This long-term financing, along with a $100 million commitment of growth capital, will enable Larkspur to make the RiverPlace Hotel the first of several planned acquisitions towards building a portfolio of independent, differentiated hotels, Hoagland indicated. The Corte Madera, CA-based Larkspur is looking to acquire independent three- and four-diamond hotels on the West Coast in strategic business or resort locations, according to Hoagland, as well as in-fill hotel sites for development of Larkspur hotels in select areas. Larkspur currently owns and operates 16 hotels comprising three brands (Larkspur Landing, Candlewood Suites and Hilton Garden Inn) in suburban areas of northern California and the Pacific Northwest.