SOLD! Ramada Hotel at Portland Airport
The SVN – NW Hotel Advisor Team including Brian Resendez, CCIM, Michelle Reid, Licensed Assistant, and Joey Aiston worked diligently with the Seller of the Ramada Hotel at the Portland Airport. The asset was a franchised hotel with 200 rooms near the Portland International Airport. The Seller had been in touch with Brian for many years but only in Fall 2021 was an appealing offer delivered and approved by the Seller. The Buyer, represented by another Broker, went through significant diligence and ultimately closed in October 2022 for $13,500,000. The transaction required 8 extensions, price changes, zoning changes, and multiple other layers of requirements to finalize the deal as a conversion from a hotel to a housing project. In the end, the Seller was happy to get the deal done, and the Buyer will ultimately use this for housing.