Pacific Crest Real Estate Advisors has announced the successful sale of a 200-room hotel located at 11707 North East Airport Way in Portland, Oregon. The former Shilo Inn and Suites was acquired by Serene Investment Management through a Non-Performing Note acquisition process in 2021, with Pacific Crest providing advisory services during due diligence. In 2023, Serene Investment Management successfully foreclosed on the property and gained full ownership.
In recent months, several Shilo Inns have been sold at auction as owner Mark Hemstreet faced financial troubles resulting from over $20 million in unpaid taxes to a California bank.
Through strategic efforts by Pacific Crest Real Estate Advisors, a joint venture between Vesta Hospitality’s Qualified Opportunity Zone Hotel Fund and Integrity Structures – a reputable hotel developer and general contractor based in the Pacific Northwest – emerged as the ideal buyer for this property. The redevelopment plan includes rebranding as Hyatt Hotel while taking advantage of investment incentives offered within its location designated as Federal Opportunity Zone.
The article “Shilo Inn Suites Hotel in Portland Sold” reports on this successful transaction without mentioning any specific company names such Connect CRE or Connect LA or Connect Texas.
