PORTLAND, OR & MCLEAN, VA – Today Canopy by Hilton, Hilton Worldwide’s hotel brand that redefines the lifestyle hotel category, and The Buccini/Pollin Group, unveiled plans for Canopy’s first hotel in Portland, Oregon. Residing in the world famous Pearl District on Portland’s Gallery Row, among cobblestone streets and stylish upscale boutiques and restaurants, Canopy by Hilton Portland Pearl District is a new-build property slated to open in fall 2017.
“We are excited about our newest addition to our growing Canopy by Hilton portfolio,” said Gary Steffen, global head, Canopy by Hilton. “We look forward to offering our guests a truly positive stay. Introducing our guests to this exciting neighborhood via experiences such as visiting the world’s largest bookstore, Powell’s City of Books, the nearby Gerding Theater or enjoying one of several renowned art galleries.”
Located on the corner of 9th Avenue and NW Glisan at 425 NW 9th Avenue, Canopy by Hilton Portland Pearl District will introduce 153 guest rooms to this vibrant, central Portland neighborhood. Once home to abandoned warehouses and railyards, the neighborhood has undergone dramatic redevelopment and is now a shopping, dining, and entertainment mecca, making it a model for urban renaissance.
Significant economic development efforts have transformed the Pearl District into Portland’s most dynamic neighborhood, and have made it a choice location for young professionals as it is home to a variety of businesses, ranging from real estate and finance to renowned advertising agencies and software firms.
Phillips Realty Capital arranged a $27,750,000 construction loan, and EB5 Capital provided $15,500,000 in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.
“We’ve become close working partners with Hilton over the past decade, as has EB5 Capital, and the shared experience among all three companies lends even greater confidence to the success of the project,” said Dave Pollin, co-founder and president of The Buccini/Pollin Group. “The Pearl District’s exciting array of restaurants, stylish shops, and art galleries complimented by Hilton’s excellence in hospitality, will enable guests to enjoy many memorable experiences.”
Canopy by Hilton Portland Pearl District will reflect the neighborhood through its food and beverage offerings. The restaurant will highlight well-known local products such as wild salmon, razor clams, hazelnuts, blueberries, and fiddleheads. The beverage menu will feature signature cocktails from Portland’s renowned Distillery Row, world-class wines from the Willamette Valley and some of the country’s very first and finest craft breweries.