Press Hotel developer raises $3.4M
The developer of a boutique hotel in the former Portland Press Herald building has raised $3.4 million for the project in an equity offering.
Press Hotel Manager LLC, led by developer Jim Brady, disclosed in an SEC filing that it has raised nearly all of its $3.5 million equity offering toward the $26 million hotel project at 390 Congress St. In March, Brady bought out project partner Kevin Bunker amid what he told the Portland Press Herald was a complicated financing plan.
Brady was not immediately available for comment on the how the equity offering fits into the company’s financing goals or the project's timeline.
Brady told the newspaper in August that he plans to start construction in February 2014 on the 110-room boutique hotel, which he expects will open in the spring of 2015. Brady completed more than $200 million in development projects through his previous venture, The Olympia Cos., which operated in the Portland area from 1999 to 2009.
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