Moreover, states the report, there's nothing really firmly in the pipeline save for the Hilton Executive Tower and no planned projects reporting a firm construction date. "This all bodes will for a recovery of the local hotel industry to parallel the local economic recovery without the dampening affect of supply additions," he wrote.

In the survey, Dundon found that 41 hotels in the market had raised their corporate rates by $9.40, 68 hotels had decreased their rates by a similar amount and 65 hotels had kept their rates the same. There are 21,216 hotel rooms in the Portland Metropolitan market, which includes Vancouver, Wash., home to about 1,900 hotel rooms. The largest market is the Suburban Westside, which is home to 5,296 units, many of them built within the last several years and not performing very well.

Downtown Portland is the second largest market with 4,601 units, followed by the Suburban Eastside with 4,011 units and the Portland International Airport with 3,265 units. The 2,132-unit Rose Quarter area rounds out the top five markets.