Ritz-Carlton Luxury Hotel Project Moves Forward in Portland

A resident of Portland, Oregon, Barclay Grayson guides BPM Real Estate Group and oversees a range of real estate endeavors across the western United States. Barclay Grayson has been integrally involved in developing the upcoming Block 216 tower in Portland as the head of acquisition and development.

Block 216’s plans feature a Ritz-Carlton hotel, making it the brand’s first location in Portland. The Ritz-Carlton will occupy 11 floors of the $600 million high-rise, which is under construction on the corner of Southwest 10th Avenue and Southwest Alder Street. In addition to Marriott International-owned Ritz-Carlton guest rooms, the complex will contain high-end condos and offices with extensive downtown views.

Despite market softness due to the COVID-19 pandemic, luxury hotel executives are standing firmly behind the project and feel confident in the long-term viability of Portland as a premier travel destination. BPM Real Estate Group originally announced the endeavor in 2019, prior to the pandemic. Development progress is on track to achieve an expected opening in March 2023.

West-division leadership at CBRE’s hotel valuation practice also expressed optimism and noted that having a few years until completion is an asset because the market will have time to recover substantially. In addition, there is a market niche to fill because there is currently no five-star property in Portland.

Meet the Money – Conference Focuses on Hotel Financing and Investment

Based in Portland, Oregon, Barclay Grayson is the senior vice president of BPM Real Estate Group, where he oversees a wide range of acquisitions, divestitures, and ground-up developments in markets ranging from multifamily to commercial properties. Actively involved in the professional community in Portland and beyond, Barclay Grayson has attended the Meet the Money conference, which focuses on the hotel investment and finance markets.

Coordinated by hotel attorneys at JMBM’s Global Hospitality Group, the well-attended event annually brings together hotel investors, owners, operators, and developers, as well as lending parties. Topics covered span the entire breadth of equity and debt capital when it comes to selling, purchasing, and developing hotel properties.

Presentations at the 2019 event in Los Angeles were delivered by a member of the Lodging Industry Investment Council, as well as by representatives of financial entities, such as Citigroup and CleanFund.

One presentation featuring the insights of operators, such as Hyatt Hotels Corporation and Interstate Hotels & Resorts, was titled, “Select Service Still Everyone’s Favorite? Where Does it Go from Here?” Another presentation during the three-day conference featured a team of lawyers and addressed “Legal Hotspots: The Essentials Every Hotelier Should Know.”

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