**Historic Merchant Hotel in Portland Sold to Local Restaurateur**
The iconic Merchant Hotel in Portland, a 60,500-square-foot building constructed in 1880, has been purchased by local restaurateur Adam Milne. The four-story property, listed on the National Register of Historic Places, has a rich history and was recently acquired for $2.6 million.
Previously owned by NBP Capital, the building last sold in 2017 for $12.25 million. The significant price drop highlights shifting dynamics in the commercial real estate market.
Adam Milne is already well-established in Portland, owning Old Town Pizza and the Haunted Underground Shanghai Tunnels Tour. He plans to incorporate the Merchant Hotel into his tour offerings by expanding access to the building’s upper floors. In addition, he aims to lease out the office spaces within the building to nonprofits or businesses, contributing to the revitalization of the area.
Troy Reichenberger, Senior Vice President of Commercial Lending at Oregon Pacific Bank, noted that the acquisition was made possible through a combination of commercial real estate financing and Small Business Administration (SBA) funding, coordinated in partnership with Cascade Capital Funding.
Milne’s purchase represents not only a new chapter for the historic property but also potential growth and redevelopment in Portland’s Old Town neighborhood.
