Benson Hotel owners looking to sell property

[MarkDaMan]

I would bet if a new owner comes in, they will probably do some massive upgrades.

Downtown Portland's Benson Hotel on the block
Portland Business Journal

The Benson Hotel, one of Portland's oldest hotels, could soon have a new owner.

The owner of the Benson Hotel, 309 S.W. Broadway, is reviewing bids for the 287-room hotel after putting it up for sale 10 weeks ago.

Michael Bashaw, chief executive officer of Paramount of Seattle, confirmed that the ownership group is reviewing bids for the 14-story luxury hotel, built the same year the Titanic sank, in 1912.

The Benson operates under the Coast Hotels group of properties. Though it is among Portland's best known downtown properties, its rates are well below the $250 and above commanded by top-tier hotels such as the Heathman, according to a fall survey conducted by local hotel broker Ed Dundon.

The Benson's corporate rate last fall was $184, making it the 13th most expensive place to stay in Portland.

Its sale would be among the most significant commercial transactions of the year.

The Benson's asking price was not available. In November, the 140-room Four Points by Sheraton sold for $17.5 million, or $125,000 per room, by a company that has launched a significant remodel. The Benson would likely command a much higher price.
http://portland.bizjournals.com/port...ml?t=printable

[urbanlife]

it is in need of a serious renovation anyway, it makes sense that it is up for sale.

[IHEARTPDX]

Isn't Starwood looking for a Portland location for a W hotel? I wonder how much they would be able to alter the classic design of the hotel if they did buy it or if any hotel company bought it.

[MarkDaMan]

^I want a new W. They usually are very innovative with their design. Would bring a great new tower to downtown. I could see a Ritz or maybe, a long shot here, Four Seasons, come in a gut the place.

Maybe a Hyatt?

Lots of major hotel chains that aren't in the market may use this property to bring their brand in.

[tworivers]

I keep hearing that a W is being negotiated for the Skylab tower site. But it wouldn't start construction for several years -- the owner of the current building there is leasing out much of it to the construction crew for 12W across the street, and apparently he may continue to rent it out after that tower is done.

[Okstate]

I cannot believe Portland doesn't already have a hyatt. doesn't Seattle have 3? Not that it matters, just odd.