Home Finance Rockbridge, Aparium Hotel Group Acquire 151-Room Heathman Hotel in Portland for $45MM

Rockbridge, Aparium Hotel Group Acquire 151-Room Heathman Hotel in Portland for $45MM

Rockbridge, Aparium Hotel Group, Pebblebrook Hotel Trust, Portland, Heathman Hotel, Portland Performing Arts Center, Denver, Seattle, Alexandria, Louisville, Atlanta, The Pontchartrain Hotel, New Orleans, Surety Hotel, Des Moines, Hotel Haya, Tampa, Crossroads Hotel, Kansas City, Detroit Foundation Hotel, Detroit, The MC Hotel, Montclair, Hewing Hotel Minneapolis, Hu. Hotel, Memphis, Clayton Members Club & Hotel, Jasper Hotel, Fargo, The Adolphus, Dallas, Cliff House, Cape Neddick, Noelle, Nashville, The Laylow, Waikiki, The Eliza Jane, Emeline, Charleston

(Editor’s Note: Public information shows that the seller was Pebblebrook Hotel Trust, which previously announced that the sales price for the Heathman was $45 million, or approximately $298,013 per room.)

The iconic 151-key hotel will undergo significant renovations of its guestrooms, public spaces, and flagship restaurant and bar to relaunch as the top offering in Portland

CHICAGO, March 27, 2023 — Rockbridge and Aparium Hotel Group, both known for creating one-of-a-kind, hyper-localized hotels and restaurants around the country, are pleased to announce the acquisition of the Heathman Hotel. Aparium Hotel Group has assumed management of the hotel. The property, located in the heart of downtown Portland, OR, currently features a lobby library lounge and more than 3,800 square feet of meeting space including a sky-lit 2nd floor mezzanine. A comprehensive renovation and reposition of the iconic Heathman Hotel will cement the hotel’s status as the leading offering in the Portland market, while also launching a new flagship ground floor restaurant and bar along with an additional bespoke cocktail bar.

“As our first property in the Pacific Northwest and complementing our project under construction in Seattle, the Heathman Hotel is a great addition to our expanding hotel portfolio and underscores our commitment to build memorable stays and cultural connectivity in distinct markets with incredible creative capital, strong personalities, and rich histories,” said Mario Tricoci, Founder and Chief Executive Officer of Aparium Hotel Group. “We look forward to ushering the Heathman Hotel into a new era, while collaborating in many forms with creatives and makers in Portland to infuse Aparium’s philosophy of Translocal Hospitality.”

One of Portland’s most recognizable landmarks, the legendary Heathman Hotel blends rich history with a reverent appreciation for the arts. A cultural fixture since the day it opened in 1927, the hotel is home to the only cataloged guest-lending library in the Pacific Northwest, featuring books signed by guest authors. The hotel is a mere step away from the Portland Performing Arts Center, museums, and some of Portland’s finest restaurants.  

“We love to invest in beloved, historic hotels like the Heathman,” said Jimmy Merkel, Co-founder and CEO of Rockbridge. “What makes this even more special is partnering with Mario and the Aparium team to restore this Portland icon to its former glory as the city continues to rebound.”

Further expansion of the Aparium Hotel Group is underway with future openings planned for Denver, Seattle, Alexandria, Louisville, Atlanta, and more. Visit Aparium.com/hotels for more information.

About Aparium Hotel Group:
Established in 2012 and led by founder Mario Tricoci, Aparium Hotel Group is a pioneer in the lifestyle hotel industry with individually unique, awe-inspiring, award-winning independent hotels in distinct yet underserved markets across the U.S.  Inspired by the concept of “trans-local hospitality” and a desire to provide an important catalyst in the resurgence of many great American cities, Aparium Hotel Group creates memorable stays and cultural connectivity with top-of-market, design forward, locally relevant and dynamically programmed hotels and restaurants that are a destination for discerning travelers and locals alike. The hotels feature elevated services and amenities, with locally curated food and beverage programming, celebrating the entrepreneurial spirit of each community and ultimately ingraining each hotel into the fabric of the cities they inhabit.

Aparium Hotel Group is a vertically integrated owner and operator of ten hotel properties across the U.S. including The Pontchartrain Hotel (New Orleans, LA),  Surety Hotel (Des Moines, IA), Hotel Haya, (Tampa, FL), Crossroads Hotel (Kansas City, MO), Detroit Foundation Hotel (Detroit, MI), The MC Hotel (Montclair, NJ), Hewing Hotel (Minneapolis, MN), Hu. Hotel (Memphis, TN), Clayton Members Club & Hotel (Denver, CO), Jasper Hotel (Fargo, ND), Heathman Hotel (Portland, OR), and several projects in various stages of development.

About Rockbridge:

Rockbridge, a private investment firm with more than 23-years in business, has been investing in and building brands in the hospitality and commercial real estate industries. The business has made over 290 investments in 39 states worth over $10 billion in total capitalization and has over $3.5 billion in assets under management. Rockbridge has been a strong investor in the hospitality space and has delivered several independent properties, including The Adolphus (Dallas, TX), Cliff House (Cape Neddick, ME), Noelle (Nashville, TN), The Laylow (Waikiki, HI), The Eliza Jane (New Orleans, LA), and Emeline (Charleston, SC) to name a few. Rockbridge has built a family of hospitality, development, and management company brands, and its continued success is a result of its core Rocks: Relevance, Relationships, Resilience, and Responsibility. Rockbridge has been honored for a fourth consecutive year as a top, philanthropic community-focused organization in Central Ohio.