HRI Properties Acquires 99-Room River's Edge Hotel and Spa in Portland, Oregon
PORTLAND - December 21, 2015 - HRI Properties announced today that it has acquired the notable River's Edge Hotel and Spa in Portland, Oregon. Effective December 15, the property is now officially managed by HRI Lodging. River's Edge recently received over $4.3 million in capital improvements, which will be further developed by HRI's planned property enhancements. The hotel is best known for its luxury guestroom product, enviable location on the picturesque Willamette River and its numerous green awards, including being one of only three hotels in Portland awarded the U.S. Green Building Council LEED Silver Certification.
HRI will institute a comprehensive $3 million renovation to the property in 2016. “The extensive, multi-million dollar renovation will place us in the best possible position to capitalize on the strong Portland market and economy,” said Michael Coolidge, Chief Investment Officer, HRI Lodging. The renovation will include a complete guestroom remodel, numerous public space enhancements, the addition of new guestrooms and a full renovation and relaunch of the restaurant and meeting space.
Located in the rapidly growing South Waterfront district, the hotel features 99 well-appointed guest rooms ranging from 343 to 1,040 square feet, including 18 one-bedroom suites with fireplaces and 78 guest rooms with spacious balconies or terraces boasting stunning river views. A destination in its own right, the hotel offers a luxurious 13,000-square-foot full-service spa and salon, spacious fitness center, 3,000 square feet of multi-use event space including an executive boardroom and an award-winning waterfront dining experience at its restaurant Aquariva.
“We are tremendously proud that our first venture into the Portland market is River's Edge,” said Tom Leonhard, President and Chief Operating Officer, HRI Properties. “Beyond its location in stunning South Waterfront, we are thrilled to acquire a property with such impressive amenities and reputation below replacement costs.”
Nearby Portland attractions include the Greenway Trail, a scenic biking/walking/jogging path that extends south of the hotel for 2 miles and north to Portland city proper; the nearby Columbia River Gorge with spectacular views of over 70 waterfalls; Sellwood District's antique dealers; used bookstores on Hawthorne Boulevard; and the abundant pubs and craft breweries Portland is renowned for. Approximately three blocks from the River's Edge location is a streetcar stop that takes passengers into downtown Portland and the hotel offers complementary shuttle to various areas of downtown and the South Waterfront/McCadam business district.
About HRI Properties
Founded in New Orleans in 1982 by Edward B. Boettner (1933-2000) and Pres Kabacoff, HRI Properties (HRI) is dedicated to the pursuit of rebuilding neighborhoods and recreating entire communities. Through its subsidiaries, HRI has completed 70 large-scale projects for a total funding value of $2 billion which include 5,114 apartment units, 4,116 hotel rooms, and more than 1,300,000 square feet of office and retail space. HRI is a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI's mission is - Revitalizing Cities by Creating Diverse, Vibrant and Sustainable Communities. For more information, please visit our website at www.hriproperties.com.
About HRI Lodging
HRI Lodging, LLC. (HRIL) is one of the 50 largest hotel management companies in the U.S. with a current portfolio of 23 hotels and resorts spanning the continental U.S. By building alliances with major domestic and international investment firms, the organization pursues a dual mode growth strategy of managing independent, boutique properties as well as partnering with industry leading brands, including Starwood, Marriott, Hilton and Hyatt. HRI Lodging is the hotel management division of New Orleans-based HRI Properties, a full-service real estate development company and a national leader in the adaptive reuse of historic structures. For more information, please visit www.hrilodging.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
