The sale is expected to close in August and the acquisition price is being kept confidential until that time. Hotel industry sources tell GlobeSt.com that the asking price for the property was around $8 million.
The hotel is located at 9th Avenue and Pine Street. Trendwest says it will spend $7.5 million to convert the hotel's 100 rooms into 38 studio suites, 58 one-bedroom suites and four two-bedroom penthouse suites. Restoration work will include refurbishing the façade, interior lobbies, sign, and rooftop architectural elements.
The project will start later this year and take 10 months to complete, according to the company. Trendwest estimates that the renovated Camlin will attract 44,000 annual guests who will contribute more than $5 million annually to the Downtown economy, including transient occupancy tax.
The seller is Camlin Hotel LLC, which is an investment vehicle of BBS Holdings Ltd., a Seattle-based operation owned by its three principals, Blake Beyeler, Tom Sasaki and Melvin Brady, who declined comment for this article. BBS Holdings Ltd. is the holding company for InterPac Development Inc., InterPac Management Inc., BBS Business Services Inc. and BBS International Inc., a real estate development, investment and management company that is the listed taxpayer for the hotel and surrounding properties.
In May, another investment vehicle of BBS, RiverPlace Associates LLC, announced it was selling several assets in Portland's RiverPlace district, including the 84-room RiverPlace Hotel, to Larkspur Hotels LLC of Corte Madera, CA. That transaction is expected to close in July. In addition to the hotel, it includes 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.
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