Eastland Park Hotel to change hands
Portland's Eastland Park Hotel could soon be under the ownership of a Columbus, Ohio, investment company.
RockBridge Capital, a partner in RB Portland LLC, is under contract to buy the property from Portland Hotel Associates for an undisclosed amount, and expects to close by the end of the month, according to The Forecaster. Portland Hotel Associates bought the 85-year-old hotel in 2000 at an auction, and after completing renovations over the last few years, put it up for sale last fall. Bob Indeglia, president of Magna Hospitality Group, which is a partner in Portland Hotel Associates, confirmed the pending sale but did not release details. Officials at RockBridge could not be reached by the paper.
RockBridge has invested more than $3 billion in its 300 holdings across the country, and partners with hotel operators and hospitality chains, including Hyatt, Marriott and Hampton Inn. City officials told the paper they hope the firm will invest in improvements to the property.
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