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Transactions - OCTOBER 15, 2021

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Rockbridge sells two-hotel Pacific Northwest portfolio

by Released

Rockbridge has sold a two-hotel portfolio located in Portland, Ore., and Vancouver, Wash.

JLL's Hotels & Hospitality Group represented the seller to complete the sale to the confidential buyer. Both hotels are unencumbered by management.

The portfolio totals 209 keys and consists of the Homewood Suites Vancouver-Portland (104 keys) in Vancouver, and the Homewood Suites Portland Airport (105 keys) in Portland.

The hotels have been well-maintained, undergoing $12.4 million, or an average of $59,000 per key, in capital improvements since 2016. After the initial COVID-19 shutdown, the portfolio experienced a rebound in performance.

The hotels are strongly positioned in key Pacific Northwest markets, with Portland being the third highest-growth city in the United States. The hotels also benefit from nearby economic drivers. The Homewood Suites Vancouver-Portland is adjacent to the Columbia Business Park, one of the area’s largest industrial hubs, and dow

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