Maryland-based Pebblebook Hotel Trust acquired the downtown Portland hotel for $127 million.
Maryland-based Pebblebook Hotel Trust acquired the downtown Portland hotel for $127 million.
The property will continue to be operated by Sage Hospitality and Sage Restaurant Group. Pebblebrook also owns Hotel Modera downtown.
“We’re thrilled with our acquisition of The Nines Hotel and the opportunity to further expand our presence in the high- growth Portland market,” said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust in a statement. “This hotel represents our third hotel investment in Portland’s central business district, and the property’s desirable location across from Pioneer Square ideally places it near many of downtown Portland’s most notable demand generators. The hotel’s excellent downtown location and strong operating fundamentals, including its position as the market’s rate leader, make this acquisition an outstanding addition to our high-quality portfolio.”
Read more at Portland Tribune
