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.
Read the full story at the Portland Business Journal.