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Dallas-based HALL Structured Finance (HSF) recently closed a new first lien bridge loan totaling $51.1 million for the refinance and renovation of the historic Benson Hotel in downtown Portland, OR. Ownership has plans to convert the hotel to a Curio Collection by Hilton.
The project owner/operator is Seattle-based Coast Hospitality LLC, which purchased the hotel more than 30 years ago.
“The Benson Hotel is an iconic hotel, and we are excited for the opportunity to add to a historical experience that guests have been visiting for over 100 years,” said Mike Jaynes, president of HSF. “We are thrilled to be a part of the continued history and reactivation of this celebrated and top-ranking hotel in Portland and believe it will flourish with the addition of the Hilton Curio Collection loyalty program.”
The 13-story hotel was built in 1912 and expanded in 1959 with the addition of 175 guest rooms. Today, the full-service hotel consists of 287 recently renovated guest rooms including 57 suites that comprise nearly 20 percent of the total room count.
Jonathan Falik, founder and CEO of JF Capital Advisors, advised Coast on the loan and the branding.
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