Larkspur Hotels in Escrow for Several RiverPlace Assets

PORTLAND-Larkspur Hotels LLC of Corte Madera, CA is in escrow to acquire several assets in Portland’s RiverPlace district, including the 84-room RiverPlace Hotel, from the Seattle-based investment partnership that developed the project in the mid 1980s. The transaction is expected to close in July.

The other pieces of the acquisition include the 39,000-sf RiverPlace Office Building, the 207-slip RiverPlace Marina, 147 parking spaces and the 20,000 sf Esplanade shopping plaza, which houses McCormick and Schmick’s Harborside Restaurant. Other retail space in the project includes the Lucere Restaurant in the hotel and a floating Newport Bay restaurant.

The parties involved aren’t making the acquisition price public prior to closing. In March, Larkspur announced it had raised $107 million of new capital in a $90 million first mortgage provided by Greenwich Capital Management and $17 million in preferred equity financing. Larkspur says it is using the long-term financing “to make the RiverPlace Hotel the first of several planned acquisitions towards building a portfolio of independent, differentiated hotels.”