An Oregon-based hotel operator bought a 104-room Homewood Suites by Hilton in the fast-growing Portland suburb of Vancouver, Washington.
BHG Hotels paid $23.3 million, roughly $224,000 per room, to buy the Homewood Suites by Hilton Vancouver Portland at 701 SE Columbia Shores Blvd. from global investment firm KKR, according to property records in Clark County, Washington.
Hotel investment has been challenging in greater Portland, similar to national trends, with the region seeing many properties trading at a discount, according to a CoStar Market Analytics report.
Most deals this year have been for lower-tier hotel properties that sold for less than $30 million, CoStar data shows.
KKR acquired the property in 2021 along with a 105-room Homewood Suites by Hilton in Portland for a combined $42.2 million, CoStar data shows.
BHG Hotels, based in Wilsonville, Oregon, operates more than 30 economy and midscale hotels, mostly in Oregon and Washington, CoStar data shows.