PORTLAND – December 17, 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.
