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782-Room Hilton Portland Trades for $84M

PORTLAND-Hilton Hotels Corp. sells the Hilton Portland & Executive Tower to an institutional investor represented by Cornerstone Real Estate Advisers.

By Brian K. Miller | Updated on December 16, 2005

PORTLAND-The 782-room Hilton Portland & Executive Tower here has changed hands for $83.8 million. Publicly held Hilton hotels Corp. sold the recently expanded property to CHIEF Portland Hotel LLC, an institutional investor represented by Hartford, CT-based Cornerstone Real Estate Advisers. As it does with most of its dispositions, Hilton retains a long-term management contract for the property.

In July, Hilton named the Hilton Portland & Executive Tower as one of eight hotels that it planned to sell as part of a larger disposition strategy it initiated in May. Between May and July, Hilton sold 13 hotels in 11 transactions totaling $416 million. The corporation says the sales are a way of striking a greater balance between income derived from real estate and income from management and franchise fees.

The Portland Hilton was expanded in 2002 with a new tower caddy corner from the main hotel. Located on Southwest Taylor Street between Fifth and Sixth avenues, the tower contains nine levels of parking below nine levels of hotel rooms.

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