Listed by Alchemy Real Estate Advisors
Unpriced
Receiver Sale Hotel Eastlund Portland, Oregon
Details
Property Type Retail, Hospitality
Sub Type Hotel
Square Footage 88,863
Keys 168
Year Built 1963
Year Renovated 2015
Stories 6
Acreage 0.870
Ground Lease No
Hotel Eastlund Portland
Marketing description
- Fee simple interest in the 168-room Hotel Eastlund, a well-located, full-service boutique hotel situated in Portland’s Lloyd District, directly adjacent to the Oregon Convention Center
- Available for purchase via a court-appointed receivership sale on behalf of a CMBS special servicer through a traditional marketing and sale process
- Offered unencumbered by management and debt, providing a clean path to repositioning and operational optimization
- Flexible go-forward strategy including soft-brand Marriott or Hilton affiliation, full rebranding, or independent operation, subject to buyer preference and investment thesis
- Institutional-quality physical plant, featuring modern guestrooms, multiple food-and-beverage outlets, meeting space, and structured parking, having undergone a ~$37M renovation in 2015
- CMBS Loan Assumption Opportunity: Qualified buyers may assume the existing high-leverage, low-interest-rate CMBS financing, providing attractive in-place debt and immediate cash-on-cash yield
- Irreplaceable location directly adjacent to the Oregon Convention Center, Portland’s primary convention and group demand generator
- Strong operational upside through transitioning the asset out of servicer and receiver (August 2025) control and implementing localized revenue management strategies to reposition the asset amongst the competitive set
- Compelling basis relative to historical valuations and replacement cost, offering downside protection and long-term upside
- Opportunity to capitalize on Portland’s stabilizing lodging fundamentals, as convention activity, corporate travel, and leisure visitation continue to normalize post-pandemic
- Portland’s lodging market has faced well-documented headwinds in recent years but has begun to find more stable footing, with improving visitation trends and renewed focus on downtown and convention-driven recovery
- The Oregon Convention Center has seen a gradual return of citywide conventions and regional events, benefiting proximate hotels disproportionately
- Portland remains a major West Coast gateway with a diversified economy anchored by technology, athletic & apparel, healthcare, advanced manufacturing, and logistics
- Home to major employers including Nike, Intel, Adidas North America, Daimler Trucks North America, and Providence Health, supporting base corporate demand
- Ongoing public- and private-sector investment in infrastructure, transit, and event programming aimed at revitalizing the urban core
- As demand normalizes, well-located, convention-adjacent assets are expected to be among the first beneficiaries of recovery
- Recent high-profile office transactions in downtown Portland—closing at substantial discounts to prior sales—signal renewed deal flow and investor willingness to transact at reset values, an important indicator of liquidity returning to the market
Investment highlights
- Located in the Lloyd District, one of Portland’s most established and transit-oriented submarkets
- Direct adjacency to the Oregon Convention Center, which drives year-round group, association, and corporate meeting demand
- Walkable access to the Moda Center and Veterans Memorial Coliseum, hosting NBA games, concerts, and large-scale events
- Blocks from the Lloyd Center, a 29-acre property that is being considered for redevelopment into a vibrant new neighborhood featuring retail spaces and thousands of housing units, according to plans from Urban Renaissance Group
- Exceptional regional connectivity via Interstate 5 and Interstate 84, and immediate access to multiple MAX Light Rail lines
- Approximately 35 minutes to Portland International Airport (PDX) via direct light rail, supporting both group and transient demand
- Surrounded by office, healthcare, retail, and dining amenities within the Lloyd District and nearby Central Eastside submarket
Listing Contacts
Listed by Alchemy Real Estate Advisors
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