PORTLAND, Ore. — Portland’s Inn at the Convention Center Hotel is poised to get a new operator once Trek Ventures drops out of running the struggling business in a few months.
Prosper Portland’s board of commissioners on Wednesday will consider an agreement with Seattle-based Columbia Hospitality to run the convention center hotel, which like other tourism-adjacent businesses has seen revenues plummet during the pandemic. Prosper owns the hotel.
The hotel had high net revenue pre-pandemic, hitting an annual average revenue of $840,000 from fiscal years 2014-15 to 2018-19. But the yearly average dropped to $60,000 in past two years, because of “the pandemic, the dated condition of the facility and increased local competition,” according to a Prosper report.
Portland was in the middle of a hotel boom before the pandemic struck, and hotels have continued to open their doors during the past two years, despite the tourism downturn.
Read the full story at the Portland Business Journal.
