Dow Hotel Co. Adds Lake Oswego Property

LAKE OSWEGO, OR-Dow Hotel Co., a Seattle, WA-based hotel investment and management firm has acquired the 161-room Crowne Plaza Lake Oswego here in a joint venture with New Jersey-based Prudential Real Estate Investors.

Completed in 1989, the six-story hotel is located at the confluence of Interstate 5 and Highway 217, two miles from Washington Square Mall and seven miles from Downtown Portland. Property amenities include 4,000 sf of meeting space, a restaurant and indoor and outdoor swimming pools.

According to the joint venture agreement, DHC will manage the asset and complete more than $1 million in renovations, including a complete makeover of the lobby, restaurant and lounge. The parties involved did not reveal the acquisition price and Multnomah County did not yet have the information available for public consumption, but local brokers familiar with the transaction say the property sold for “under $10 million.” The last time the hotel changed hands, in 1998, it sold for $21.5 million, according to county records.