Portland Press Hotel sold to San Francisco private equity firm
Portland’s Press Hotel, a former press building converted by developer Jim Brady into a 110-room boutique hotel, has been sold to a private investor, the companies said on Monday.
Terms of the sale were not disclosed.
Brady’s Fathom Cos. sold the building, located at 119 Exchange St., to KHP Capital Partners, a San Francisco-based real estate private equity firm focused on hospitality investments.
âWe are delighted to pass the torch of ownership of this incredible property to KHP and remain involved in overseeing the operations of the hotel,â said Brady, who was honored on the Mainebiz Next list in 2017 for his contribution. to the state economy.
“The Press Hotel has been a successful historic adaptive reuse project in the vibrant Old Port of Portland, and Fathom is pleased to continue our connection with this property as we create unique experiences for our guests in the future and continue our strong community involvement here in Maine, âadded Brady.
KHP, which invests in the United States and Canada, was formed in 2015 by Mike Depatie, Joe Long and Ben Rowe to take over the private equity fund management business of Kimpton Hotels & Restaurants, which was sold to InterContinental Hotel Group.
Since 2004, KHP co-founders have raised more than $ 1.3 billion to invest in hotel real estate, and the company is currently deploying its fifth KHP series fund, KHP Fund V, a fully discretionary vehicle of $ 361 million. dollars.
âWe are delighted to acquire the Press Hotel from Fathom Cos. and look forward to continuing our success under our leadership, âsaid Jeff Stulmaker, KHP partner and chief investment officer of the company. “The investment fits perfectly into our strategy of acquiring or redeveloping high-quality real estate in dynamic markets with high demand for leisure.”
The Press Hotel opened in 2015 and is now part of the Autograph Collection by Marriott. The building, originally known as the Gannett Building, dates back to 1923 and was expanded in the 1940s. The building served as the headquarters of the Portland Press Herald until 2010.