Alex. Brown Realty, Inc. a private real estate investment manager, has bought a five-acre site in Oregon with plans for a 140-room Marriott Residence Inn.
ABR and its partners, Portland-based Hillsboro Hotel Development and Texas-based Huntington Hotel Group, are in the process of securing construction permits for the property, which is about 15 miles from Portland and next to a 7,000-employee Intel Corp. campus, the partners announced Tuesday.
ABR Chesapeake Fund IV, a fund sponsored by ABR, expects to have spent $8 million once the Hillsboro hotel is complete, the company said. Huntington Hotel Group will manage the property when it opens.
"This is a great opportunity for ABR to enter a vibrant, new market," ABR Chief Investment Officer Tom Burton said of the joint venture. "The land basis is very attractive, the business plan is solid, the acquisition is conservatively capitalized and, most importly, the ownership team is talented and experienced."