Aspen Group Buys Imperial Hotel for $10.4 Mil

PORTLAND, OR-After 14 months in escrow, the Portland-based Aspen Group has closed on its purchase of the 128-room Imperial Hotel and is now preparing to spend $3 million on a complete remodel of the property, which shut down just before Christmas. The seller, the Gentner family, owned the Downtown property for the past 50 years, and still owns the Mallory on Southwest 15th Street.

Gary Griff, the Cushman & Wakefield director who brokered both sides of the deal with partner Joe DeJager, tells GlobeSt.com that the delay was caused by overbuilding in the market and a slowing economy that, in turn, caused the hospitality industry to lose favor with lenders. “With some creative restructuring of terms we were able to negotiate very favorable seller financing that permitted the deal to go forward and without a price reduction,” says Griff.