Two hotels have new ownership in Oregon and Mexico. Here’s a look at the details:
Partnership Acquires Hilton Garden Inn Portland/Lake Oswego
The Roxborough Group LLC, AWH Partners LLC and West Point Partners have acquired the Hilton Garden Inn Portland/Lake Oswego in Lake Oswego, OR. This marks the first hotel acquisition each company has closed since the beginning of the COVID-19 pandemic. The financial terms of the transaction were not disclosed.
“This deal demonstrates our ability to find attractive investment opportunities despite the challenging deal environment,” said Chad Cooley, co-founder/managing partner of AWH Partners. “With our team in place, we believe the Hilton Garden Inn Portland/Lake Oswego is well-positioned to quickly rebound from the pandemic. It has a lot to offer for both leisure and business travelers visiting the Portland area.”
Adjacent to the intersection of Interstate 5 and Highway 217, close to Downtown Portland, the 179-room Hilton Garden Inn Portland/Lake Oswego is in proximity to Bridgeport Village, an outdoor shopping complex known for its array of restaurants and boutiques, and Kruse Woods Corporate Park, a 20-building office campus located in Lake Oswego.
“One of the main reasons for investing in this property is its premier positioning in a great submarket,” said Marc Perrin, managing partner of The Roxborough Group. “Lake Oswego is an increasingly attractive alternative to Downtown Portland, and this hotel with its recent rooms renovation is the top-performing asset in the submarket.”
Hilton Garden Inn Portland/Lake Oswego’s amenities include complimentary WiFi, an indoor pool, a fitness center, pet-friendly rooms, a business center, free parking and more. The property has nearly 1,225 sq. ft. of event space. There’s also an on-site restaurant, The Garden Grille & Bar.
The partnership has additional plans to renovate the property over the next several years, including upgrades to the lobby and public spaces, as well as a new fitness center.
“We are excited to partner with AWH and Roxborough in the acquisition of the hotel,” said Sri Sambamurthy, managing principal of West Point Partners. “The combination of an industry-leading brand in an infill submarket with strong demand drivers positions the hotel well for the recovery.”
Playa Hotels & Resorts Completes Sale of Dreams Puerto Aventuras
Playa Hotels & Resorts N.V. has closed on the sale of the Dreams Puerto Aventuras for a total consideration of $34.5 million in cash.
The transaction increased the company’s liquidity by approximately $32 million, reflecting the $34.5 million consideration net of customary closing costs. Proceeds from the sale of these resorts will be utilized for general business purposes, which may include reducing the company’s outstanding debt.