At a glance
- Western States Lodging & Management developed the two hotels as a dual-branded property in 2014.
- Credit allocators weighing the loan can compare its roughly $149,000 per-key basis with other suburban hotel bridge loans.
- Keegan Bisch, Peachtree's vice president of originations and credit, cited the hotels' location in Oregon's Silicon Forest, anchored by Intel and ASML, and the new minor league ballpark for the Hillsboro Hops that debuted in April.
Peachtree Group originated a $40.5 million, three-year bridge loan to WalshDupart for the recapitalization of two adjacent Hilton-branded hotels in Hillsboro, Ore., Commercial Observer reported.
The loan carries two 12-month extension options and covers 271 rooms across the 165-room Embassy Suites by Hilton Portland Hillsboro and the 106-room Hampton Inn & Suites Portland/Hillsboro-Evergreen Park. Western States Lodging & Management developed the two hotels as a dual-branded property in 2014. WalshDupart bought them in 2023 and the properties underwent a capital improvement plan.
Credit allocators weighing the loan can compare its roughly $149,000 per-key basis with other suburban hotel bridge loans. The two extension options can stretch the term to as much as five years, and the collateral sits 11 miles west of downtown Portland.
Keegan Bisch, Peachtree's vice president of originations and credit, cited the hotels' location in Oregon's Silicon Forest, anchored by Intel and ASML, and the new minor league ballpark for the Hillsboro Hops that debuted in April. He also pointed to Intel's advanced semiconductor manufacturing initiative and Genentech's $750 million expansion. "There's very little new supply coming up out there," Bisch told Commercial Observer. Both hotels draw strong business travel, particularly the Embassy Suites, which has close to 5,000 square feet of meeting space, Bisch said.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections