The Portland Development Commission has selected Portland, Oregon-based, Ashforth Pacific and Dallas-based Garfield Traub as the development team with which it will move forward on the development of a convention headquarters hotel in Portland, Oregon. The new hotel will be adjacent to the recently expanded Oregon Convention Center.

The Ashforth Pacific/Garfield Traub team’s $144-million proposal utilizes public financing and the city-assembled and owned land directly across from the Convention Center. The team envisions a 23-floor Westin hotel that is transparent on three levels to expose the hotel’s activity to the Convention Center and the street. The project includes a light glass canopy covering a plaza area. The plaza space could be closed for the use of the Convention Center and when not in use it could be open public space with seasonal retail activity.

The financial feasibility of a new Headquarters Hotel is dependent upon the facility’s quality, program, and room block requirements. PDC has already committed to provide favorable terms on the land sale and limited tax increment funds to support the project. The project’s financial plan will likely require a variety of financing tools, partners and the possible creation of a Finance Advisory Committee to assist in developing alternative financial structures for review.

Ashforth is a real estate investor, owner and developer that owns most of the office buildings and developable land in Portland’s Lloyd District, including a full block immediately east of the two PDC blocks. According to its proposal, that block would hold the parking for the development as well as street-level retail and a residential tower.
Garfield Traub has financed more than 100 hotels, resorts and conferencing facilities and has experience in both public sector and private sector financing.