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Portland's first '5-star' hotel planned at site of downtown food cart pod

A Portland developer said his company plans to build Portland's first "five-star" hotel at the site of a popular downtown food cart pod.
Architects for BPM Real Estate Group submitted early plans for a 33-story tower on the downtown site at 936 S.W. Washington St., a site that's currently a parking lot and the larger half of the Alder Street Food Cart Pod. In addition to the hotel, the tower would include a mix of offices and condominiums and, in a nod to its current use, space for a food hall.
The development proposal was disclosed late last month, but the developer and the specifics of the plan had not previously been identified.
BPM previously developed the Pearl West office tower, completed in 2016 in the Pearl District, and the Broadway Tower, a Radisson "RED" hotel and office building that's under construction downtown. Walter Bowen, the chief executive of BPM, said his company is in active conversations with several five-star hotel brands. Plans call for 225 hotel rooms on nine floors.
"The timing is just right for this project," Bowen said in an email. "Portland is growing and changing from a town to an international city. The demand for a five-star luxury hotel matched with complimentary commercial and residential tenants in a multi-modal location has never been greater than it is today."
Hotel star ratings aren't standardized, but Portland doesn't have any hotels that would typically be considered five-star, said Marcus Hibdon, a spokesman for Travel Portland. A five-star hotel typically includes a spa, a pool and a fine dining restaurant, among other amenities.
While the city has several luxury four-star hotels, they lack the pool or spa element, he said.
source : twitter

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Mosaic Lends $460M on Downtown Portland Mixed-Use Project [Updated]

Mosaic Real Estate Investors has provided $460 million in senior debt to BPM Real Estate Group for a massive planned mixed-use development called Block 216 in Downtown Portland, Ore., according to information from Mosaic.

The four-year loan will cover the construction of the 35-story, 1-million-square-foot development, which will include the city’s first luxury hotel, a 251-key, five-star Ritz Carlton Hotel, according to Mosaic.
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