Update: HFF announced the sale of this hotel in October 2017. Click here to search for current commercial real estate properties for sale.
Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Residence Inn Portland Downtown/Waterfront, a 179-suite hotel in Portland, Maine, proximate to the city’s leisure and corporate lodging demand drivers and within walking distance of award-winning restaurants, art galleries and retail shops. A new owner will benefit from the industry-leading Residence Inn brand affiliation, minimal required capital expenditures, continued market growth and strong in-place cash flow with upside following recent renovations.
Completed in 2009, the hotel for sale features 179 suites with fully-equipped kitchens, complimentary hot breakfasts, outdoor courtyard, sundry shop/convenience store, business center, fitness center, indoor pool, Shipyard Lounge and 1,235 square feet of meeting and event space.
The Residence Inn Portland Downtown/Waterfront is located at 145 Fore Street on the corner of Fore Street and Hancock Street in downtown Portland. The hotel for sale is across the street from the Ocean Gateway Garage and just up the street from the Ocean Gateway Terminal cruise port. This location provides easy access to all that downtown Portland has to offer, within walking distance of the city’s award-winning restaurants, retail shops, leisure attractions and offices. Furthermore, the hotel is located within blocks of 58 Fore Street, a transformative 960,000-square-foot mixed-use development of a former railroad foundry on Portland’s eastern waterfront.
Portland is located a little more than 110 miles from Boston (less than a two-hour drive). The city is Maine’s largest city and the state’s tourism and business hub. Portland offers travelers both the quintessential Maine coast experience as well as urban sophistication. TripAdvisor named Portland its No. 3 “Top Destination on the Rise” in the United States for 2017 due in part to its food and beverage culture with award-winning restaurants and 29 breweries. Nearly nine million overnight tourists generated $5.1 billion of direct spending in Portland in 2016. In addition to tourism and business, Portland also benefits from the Maine Medical Center and the University of Southern Maine.
The Residence Inn Portland Downtown/Waterfront offers investors the opportunity to acquire a high-quality, recently-renovated, all-suite hotel unencumbered by management in a thriving downtown Portland market. For more information on this hotel for sale or other hotel properties available, please contact Denny Meikleham or Alan Suzuki in HFF’s Boston office. For financing inquiries, please contact Jennifer Keller. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.