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Portland’s Press Hotel bought to West Coastline personal equity organization

Portland’s Press Hotel bought to West Coastline personal equity organization

A downtown Portland lodge in the former headquarters of the Portland Push Herald has been offered.

Fathom Cos., a Portland home development and hotel management firm, stated Monday that it has bought the Push Hotel, at 119 Exchange St., to a West Coast non-public equity agency. KHP Capital Companions, based in San Francisco, claimed it was “thrilled” to purchase the lodge.

Push Lodge developer Jim Brady within the hotel in 2015. Gregory Rec/Personnel Photographer

“The investment fits squarely into our approach of buying or redeveloping superior high-quality real estate in dynamic marketplaces with drive-to leisure desire,” explained Jeff Stulmaker, a KHP lover, in a information launch.

Fathom Cos., will keep on to manage and function the hotel, in accordance to the release.

The 7-story constructing has 110 rooms, a cafe and a bar. It is located across from Portland Town Hall.

Fathom “is pleased to carry on our connection with this house as we create one of a kind activities for our company likely ahead and carry on our strong local community engagement here in Maine,” reported company President Jim Brady.

KHP manages five fairness money really worth $1.25 billion, according to its web page. It focuses investments on impartial and boutique hotels and has houses in Washington, D.C. Philadelphia Scottsdale and Sedona, Arizona Portland, Oregon, and Santa Barbara, California.

The organizations did not disclose the obtain cost, and no record of the sale could be located Monday on Portland’s residence data website or the Cumberland County Registry of Deeds.

The making was past marketed in 2014 for $4 million to Press Lodge LLC, according to city documents.

Among 1923 and 2010, the constructing housed offices of the Push Herald and Maine Sunday Telegram. Brady redeveloped the residence into a boutique hotel built to evoke the newsrooms of the early 20th century.

The hotel opened its doors in 2015. Marketed charges for a king or double space on a weekend in early August 2022, at the peak of subsequent summer’s tourism season, vary from about $460 to $630 for each night time, according to an on line reserving look for Monday.

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