"The fall months have been pretty good for hotels," Dundon tells GlobeSt. "I don't have all the hard data to support it yet, but from my conversations with hotel operators around the city, markets that were softening – the airport, the suburban Westside and downtown – have leveled off or have turned the corner and are improving."

Also, says Dundon, Portland is perceived by developers around the country as being very healthy for investment, but one in which you would develop new hotels with caution in order to have the timing to hit the market right as it is turning up. "We're not in a boom, but we're not in an unhealthy or declining market, and its pretty steady with prospects for improvement," says Dundon. "So I think it's a good time to sell hotels because there are buyers out there that recognize that there is upside in the market."

At the same time, however, Dundon says debt is less readily available for hotel purchases, and construction financing is a bit tighter, due in part to the a warning earlier this year by the FDIC that Portland was one of several cities at risk of overbuilding in the hotel and multifamily sectors. "(The FDIC's) announcement is unfortunate because from my conversations it appears the FDIC weighs too heavily on the supply side without taking into account the demand side, the future demand growth," says Dundon. "Still, the clients I'm dealing with all seem to have financial resources and lending sources available to them; I have not yet seen a lack of financing be the reason for a deal not going through."