Hilton Unloads Suburban Homewood Suites

BEAVERTON, OR-The Homewood Suites here has a new owner this week but the same manager. Publicly traded Hilton Hotels Corp. sold the 123-room, extended stay property to Apple Suites Realty Income Trust Inc., a privately held REIT based in Richmond, VA.

The transaction was part of a $22-million, two-hotel deal between the two companies. that included another Homewood Suites in Chesterfield, MO. Both hotels will remain Homewood Suites, and Hilton will retain the management contract. Hilton now manages some 15 Homewoood Suites for Apple Suites.

Local hotel broker Ed Dundon brokered the original development deal for the hotel with Promise Hotels, acquired last year by Hilton. He tells GlobeSt.com the Portland area is at the bottom of the trough as far as hotel investment goes, and that values will rebound over the next few years as the region recovers from overbuilding.