Joint Venture Acquires Crowne Plaza

The Dow Hotel Company (DHC), a hotel owner/investor and management company, today announced that a joint venture between New Jersey-based Prudential Real Estate Investors (PREI) and DHC has acquired the 161-room Crowne Plaza Lake Oswego in suburban Portland for an undisclosed amount. DHC will manage the property and complete more than $1 million in renovations.
“The Crowne Plaza is our first property in the Pacific Northwest and represents the type of upscale, first-class hotel we seek to acquire or manage,” said Murray L. Dow II, president. “It is the third property to be added to our portfolio in the past 16 months and is an important milestone in our previously announced timeline to double our size to some 15 properties over the next two years. We have an active pipeline and the financing in place to continue our aggressive acquisition program, as well as our third-party hotel management contracts.
“This hotel is especially significant to me because I was born and raised in Portland and began my career at The Benson Hotel under the guidance of one of the region`s most respected hoteliers, Basil Miaullis,” Dow noted. “His mentoring so impacted my life that our company has named four of our signature restaurants, Basil`s Bar & Kitchen, in his honor.”
The six-story property, built in 1989, will immediately begin a $1 million renovation to include a complete makeover of the lobby, restaurant and lounge. In addition, the guest bedrooms will be outfitted with the Crowne Plaza Sleep Experience package, to include new pillow top mattresses, down duvets and upscale bed linens, bedside sleep guides, quiet zones, sleep-enhancing items and guaranteed wake-up calls.
The Crowne Plaza Lake Oswego is located at the junction of Interstate Highway 5 and Highway 217, the state`s busiest intersection. Seven miles from downtown Portland, the hotel is situated in Beaverton`s high-tech area and near Lewis & Clark College, Northwestern School of Law and Portland`s Convention Center.
The property offers indoor and outdoor swimming pools, sauna, whirlpool and sun deck. The hotel`s Crowne Plaza Club executive level features private access, concierge services and a lounge where guests can enjoy a continental breakfast and afternoon hors d`oeuvres.
The property has 4,000 square feet of meeting space, ranging from a boardroom for small meetings to a ballroom capable of accommodating up to 300 people. The Crowne Plaza`s upscale restaurant, High Rock Steakhouse, offers creative northwest cuisine.
The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of hotels. The company`s portfolio of owned and managed properties comprises institutional grade hotels, under such brands as Embassy Suites, Hilton, Sheraton, Crowne Plaza, Doubletree and Radisson. The company aggressively seeks to acquire or co-invest with joint venture partners in mid- to large-size, institutional-grade, full-service hotels, especially those that have extensive food and beverage capabilities.