**Historic Merchant Hotel in Portland Sells to Local Restaurant Owner for $2.6M**
The Merchant Hotel, a historic four-story building in Portland spanning 60,500 square feet and originally completed in 1880, has recently changed ownership. Local restaurant entrepreneur Adam Milne, best known for owning Old Town Pizza and the Haunted Underground Shanghai Tunnels Tour, acquired the landmark property for $2.6 million.
Previously owned by NBP Capital, the Merchant Hotel was last purchased in 2017 for $12.25 million. The building, listed on the National Register of Historic Places, is a prominent structure in Portland’s Old Town area and holds significant historical value.
Troy Reichenberger, senior vice president for commercial lending at Oregon Pacific Bank, revealed that the acquisition was financed through a combination of commercial real estate lending and SBA financing with the support of Cascade Capital Funding.
Milne plans to expand public access and historical tours to the building’s upper floors. In addition, he intends to offer office space within the property to nonprofit organizations and businesses, further revitalizing the space and enhancing community engagement.
