HILLSBORO, OR-A joint venture formed by Alex. Brown Realty, Inc., Hillsboro Hotel Development and Huntington Hotel Group plans to develop a Marriott Residence Inn on a 4.93-acre site near Intel Corporation's Ronler Acres Campus.
The joint venture plans to develop a on the site. Upon completion of the new hotel, ABR Chesapeake Fund IV, a real estate fund sponsored by ABR, expects to have approximately $8 million invested in the venture.
The development site is along NE Brookwood Parkway, in the northeastern section of the 320-acre Dawson Creek Business Park. The site lies one mile south of Interstate 26, a major east/west interstate that connects Portland to Oregon's Pacific coastline and two miles east of the Hillsboro Airport. In addition, the site is immediately west of Intel'scampus, which currently employs 7,000 and is undergoing a $3 billion expansion.
The joint venture has executed a franchise agreement with Marriott and intends to develop a 140-room Marriott Residence Inn on the site.
"As the center of Oregon's 'Silicon Forest,' Hillsboro is seeing strong economic growth and we anticipate Intel's expansion will generate additional lodging demand," notes Alex Jansen, manager of Hillsboro Hotel Development.
The Hillsboro site is approximately 15 miles northwest of downtown Portland.
The site's current zoning permits hotel development and the joint venture is working with the City of Hillsboro to complete the entitlement and permitting process. Once construction permits have been issued, the joint venture anticipates construction will take approximately 13 months. Upon opening, the hotel will be managed by the Huntington Hotel Group.
"This is a great opportunity for ABR to enter a vibrant, new market," noted Tom Burton, Alex. Brown Reaty's CIO. "The land basis is very attractive, the business plan is solid, the acquisition is conservatively capitalized and, most importantly, the ownership team is talented and experienced," concluded Burton.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, MD. Hillsboro Hotel Development, LLC is managed by Alex Jansen, who owns Jansen Construction, Portland, OR. Huntington Hotel Group (HHG) is a vertically integrated hotel development, construction, and management firm headquartered in Irving, TX.
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