A new Canopy by Hilton hotel will open in the fall of 2017 among the cobblestone streets of the Pearl District on Portland’s Gallery Row. The property is developed by Washington, D.C.-based The Buccini/Pollin Group, and will be the brand’s first Rip City property.
“We are excited about our newest addition to our growing Canopy by Hilton portfolio,” said Gary Steffen, global head at Canopy by Hilton. “We look forward to offering our guests a truly positive stay. Introducing our guests to this exciting neighborhood via experiences such as visiting the world’s largest bookstore, Powell’s City of Books, the nearby Gerding Theater or enjoying one of several renowned art galleries.”
Phillips Realty Capital arranged a $27.8 million construction loan for the hotel, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.
“We’ve become close working partners with Hilton over the past decade, as has EB5 Capital, and the shared experience among all three companies lends even greater confidence to the success of the project,” said Dave Pollin, co-founder & president of The Buccini/Pollin Group. “The Pearl District’s exciting array of restaurants, stylish shops, and art galleries complimented by Hilton’s excellence in hospitality, will enable guests to enjoy many memorable experiences.”
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