While there are plenty of Ritz-Carlton properties in the pipeline, I find this development to be especially interesting.
It has just been announced that Marriott has signed a contract with BPM Real Estate Group to open a Ritz-Carlton in Portland, Oregon. This will be the first Ritz-Carlton in the Pacific Northwest.
This development will span 35 floor, and will include 251 hotel rooms and 138 residential units. This will be a mix-use tower, so on top of that the development will feature office space, retail space, and a ground-level food hall. This is projected to cost nearly $600 million.
Construction will start later this year, and the property is expected to open in early 2023. The property will be located a few blocks from Pioneer Courthouse Square.
Marriott’s Chief Development Officer for North America Full Service Hotels (Marriott sure has lots of job titles, goodness) had the following to say:
“This landmark project is a game changer for The Ritz-Carlton brand and the City of Portland. The Ritz-Carlton, Portland will set a new standard for luxury hospitality in Portland, expand this iconic brand to the Pacific Northwest and introduce locals to the refined elegance and amenities associated with the Ritz-Carlton Residence lifestyle.”
The hotel will feature a fitness center, full-service spa, and swimming pool on the 19th floor. Then there will be an indoor/outdoor restaurant and bar on the 20th floor.
When open, this will be Portland’s first true five star hotel. What makes this so interesting to me is that Portland is a quirky place, and is fiercely loyal to local businesses. Not that other hotels are necessarily ‘local,” but as a general rule of thumb I can’t imagine locals will be a fan of this. That’s especially true since the hotel is opening in the space of the Alder Street Food Cart Pod, which is closing.
Then again, I’m guessing on many levels Ritz-Carlton doesn’t really care what locals think, since that’s probably not their target demographic.
I imagine this hotel will be targeted at high end leisure traffic as well as conferences. In general the Pacific Northwest is highly seasonal when it comes to tourism, and hotel rates reflect that. It’s not uncommon to see rates 3-5x as much in summer as winter, so I’d imagine that will be the case here as well.
Portlanders (and others) — what do you make of this Ritz-Carlton?
(Tip of the hat to Spencer)