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PORTLAND-Locals will be parking in the new Hilton Executive Tower before they’re sleeping in it.

The new Downtown hotel tower’s commercial parking garage opens this Saturday, June 1, while the hotel itself is slated for occupancy on June 27. A grand opening celebration is scheduled for the end of September.

The $65-million project was developed by Portland-based Melvin Mark Cos. for itself and Hilton Hotels. Melvin Mark retains ownership of the parking garage and the ground-floor retail space, while Hilton owns and will operate the hotel.

Located on Southwest Taylor Street between Fifth and Sixth avenues, the building contains nine levels of parking below nine levels of hotel rooms. The hotel portion will include a Hilton-owned full-service restaurant.

According to the spring edition of hotel specialist Ed Dundon’s biannual market report, for the first time in six years no new hotel construction was completed in the Portland Metropolitan area during the past 12 months.

Moreover, states the report, there’s nothing really firmly in the pipeline save for the Hilton Executive Tower and no planned projects reporting a firm construction date. “This all bodes will for a recovery of the local hotel industry to parallel the local economic recovery without the dampening affect of supply additions,” he wrote.

In the survey, Dundon found that 41 hotels in the market had raised their corporate rates by $9.40, 68 hotels had decreased their rates by a similar amount and 65 hotels had kept their rates the same. There are 21,216 hotel rooms in the Portland Metropolitan market, which includes Vancouver, Wash., home to about 1,900 hotel rooms. The largest market is the Suburban Westside, which is home to 5,296 units, many of them built within the last several years and not performing very well.

Downtown Portland is the second largest market with 4,601 units, followed by the Suburban Eastside with 4,011 units and the Portland International Airport with 3,265 units. The 2,132-unit Rose Quarter area rounds out the top five markets.

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