PORTLAND, Ore. — This story is available courtesy of KGW's news partner Portland Business Journal.
An East Coast investment trust continues to sell off its Portland hotels.
The latest deal by Pebblebrook Hotel Trust (NYSE: PEB) is the $45 million sale of the Heathman Hotel. The buyer was not disclosed in securities filings, and the transaction is expected to close soon, within the first quarter of 2023.
Maryland-based Pebblebrook, whose chief executive has expressed frustrations with Portland, sold the the 117-room Kimpton Hotel Vintage Portland to a California buyer last year for $32.9 million.
Once the Heathman sale closes, Pebblebrook will be left with two other downtown hotels, the Nines and Hotel Zags, in its Portland portfolio, according to securities filings. Counting the Heathman, Pebblebrook has offloaded 11 urban hotels and acquired six resort properties since 2020.
The 151-room Heathman is located at 1001 S.W. Broadway, right by the Arlene Schnitzer Concert Hall in downtown Portland.
On news of the Kimpton sale, Pebblebrook CEO Jon Bortz last year alluded to the possibility of more Portland sales.
Under a separate deal that closed last year, Pyramid Global Hospitality was slated to manage properties that Provenance Hotels used to operate, including the Heathman and Woodlark, which is also downtown.
