Marriott International Signs Contract With BPM Real Estate Group to Bring The Ritz-Carlton Brand to Portland

USA, Bethesda, Maryland. July 18, 2019

Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with developer BPM Real Estate Group to bring its Ritz-Carlton brand for the first time to Portland and the Pacific Northwest. Under the contract, the brand would manage 251 hotel rooms and 138 residential units - including eight spacious penthouses - within a nearly $600 million, 35-story tower that would have sweeping views of the city's majestic landscape. Construction is expected to commence later this year, with an anticipated opening in early 2023.

"This landmark project is a game changer for The Ritz-Carlton brand and the City of Portland," said Noah Silverman, Marriott International, Chief Development Officer, North America Full Service Hotels. "The Ritz-Carlton, Portland will set a new standard for luxury hospitality in Portland, expand this iconic brand to the Pacific Northwest and introduce locals to the refined elegance and amenities associated with the Ritz-Carlton Residence lifestyle."

The hotel and residences would rise within BPM's planned mixed-use tower, which would also feature high-end office space, retail space and a ground-level food hall. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, and the shopping destination Pioneer Place. It's also within walking distance to Portland's central business district and the Pearl District, the former warehouse district now known for its chic restaurants and bars, galleries and boutiques.

"We are excited to work with Marriott International to deliver an unprecedented level of service and accommodations to Portland's residents and visitors," said Walter C. Bowen, CEO and Founder of BPM Real Estate Group. "Working hand in hand with The Ritz-Carlton team, we aim to create the best address to live and stay not only in Portland, but the Pacific Northwest."

A new era of luxury for Portland

Once open, The Ritz-Carlton, Portland will feature exclusive entrances for hotel guests and residence owners, along with high-end amenities including a fitness center, full-service spa and swimming pool on the 19th floor. "Plans for the mixed-use tower call for multiple food and beverage venues - including a food hall on the ground floor and an indoor/outdoor restaurant and bar on the 20th floor with panoramic views of Portland and the Cascade Mountain Range. The tower is also slated to have more than 13,000 square feet of meeting space for business events and special celebrations.

The Ritz-Carlton Residences are expected to provide luxury living at a level not yet seen in Portland, complete with sophisticated style, luxurious finishes and legendary Ritz-Carlton service, including room service and housekeeping. Owners will have dedicated amenities such as an 8th floor owner's lounge and fitness facility, along with stunning wrap-around views of Portland's magnificent downtown skyline on one side and the Cascade Mountain Range and Willamette River on the other.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.