All-Suite Residence Inn Hotel for Sale in Portland, Maine

Monday, July 10, 2017

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.

  • Industry-Leading Residence Inn Brand Affiliation:  Residence Inn is an upscale, extended-stay hotel brand with 740 open locations and 220 pipeline locations globally. Each hotel offers spacious suites with separate living / sleeping areas and fully-equipped kitchens, complimentary hot breakfast and free Wi-Fi. Residence Inn fully harnesses the power of Marriott International through its reservations system, Marriott Rewards and other sales, marketing and operations initiatives. Marriott’s select-service and extended-stay hotel brands are among the most attractive to both traveling consumers and the lodging investment community.
  • High-Quality, Recently-Renovated, All-Suite Hotel:  The Residence Inn Portland Downtown/Waterfront is a high-quality, steel-structured hotel that opened July 2009. The five-story hotel recently completed a $2.1 million ($11,732 per suite) guest suite and public space renovation. As a result, the hotel for sale is in excellent condition and will require minimal capital expenditures for a new owner.
  • Thriving Downtown Portland Lodging Market:  Downtown Portland is a thriving lodging market based not only on its current performance but also on its tremendous growth in recent years. In the trailing 12 months as of April 2017, the Residence Inn Portland Downtown/Waterfront’s competitive set achieved an occupancy of 76.1 percent (+6.7 percent to LY), an average daily rate of $203.03 (+6.9 percent to LY) and a RevPAR of $154.50 (+14.1 percent to LY). The Downtown Portland market is experiencing significant growth despite the fact that three new hotels opened between May 2014 and May 2015.
  • In-Place Cash Flow with Upside:  The hotel has a proven track record for generating substantial operating results. 

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.

By Topics