Slated for completion in 2019, the 600-room hotel set to strengthen the regional economy
Metro, Mortenson, and Hyatt broke ground on the long-awaited 600-room Hyatt Regency Portland in the city’s Lloyd District on August 4. Slated for completion in 2019, the $220 million project is expected to draw new events and thousands of new visitors to the region.
Located north of the existing Oregon Convention Center, the 14-story Hyatt Regency Portland will include 32,000 square feet of meeting venues, with a lobby, bar, restaurant, gym, and gathering area.
Mortenson is the project developer and design-builder and an affiliate of Hyatt serves as the owner and operator. ESG Architects designed the hotel.
The Oregon Convention Center opened in 1990 and was expanded in 2003. The public groundbreaking ceremony and a reception attended by several hundred guests were co-hosted by Travel Portland and Metro, the regional agency that owns and operates the convention center.
Metro, in partnership with the City of Portland, the Prosper Portland, and Multnomah County, led the development of Hyatt Regency Portland.
Numbers and Figures
With $150 million of the total $224 million project cost coming from the hotel developer, Hyatt Regency Portland marks a massive private investment in the Lloyd District. More than 80 percent of the public investment in the project comes from a $60 million Metro revenue bond that will be repaid with taxes generated by hotel guests. The balance of the public investment includes $10 million in state lottery funds and a $4 million grant from the Oregon Convention Center’s reserves.
When it debuts, Hyatt Regency Portland at the Oregon Convention Center is expected to draw between five and 10 major new convention events each year, attracting hundreds of thousands of additional visitors to Portland and boosting annual hotel business in the Portland area by between 70,000 and 110,000 new room-nights.
The hotel’s opening is expected to boost tourism spending in the region by $120 million annually, while generating $10 million in new tax revenue each year, according to Metro. The Portland metropolitan area can also expect total convention-related spending to approach more than $1 billion annually.
Construction will create approximately 2,000 jobs in the building trades, and once the hotel is open, it is expected to support 950 permanent hotel, hospitality and tourism-related jobs. During construction, Metro will work with Mortenson to focus on jobs and training for people of color and women.
Portland’s continued emergence as a travel and convention destination has already spurred a hotel boom, with 3,000 rooms in the city’s pipeline beginning in 2017, according to Travel Portland.