Amaterra Hospitality Group has purchased the RiverPlace Hotel at 1510 S Harbor Way for 11 million dollars, according to a deed filed with Multnomah County this week. The sale marks the company’s first move into hotel ownership, after building its name through Amaterra Winery in Portland and Amaterra Kitchen and Social Club in Bend.
The deal was led by co-founders Colleen Nistler, Werner Nistler Jr and Marcus Breuer, all longtime Portland residents. CoralTree Hospitality has been brought on to manage daily operations at the property going forward.
The 85-room hotel sits along the Willamette River on Portland’s south waterfront, offering river views, a marina setting and direct access to the city’s waterfront trails. It also includes the on-site restaurant RiverPlace Kitchen and Bar, known for Pacific Northwest dishes built around regional seafood, along with more than 7,000 square feet of event space, including a ballroom and a riverside courtyard used for weddings and corporate gatherings.
The sale price is a steep drop from the hotel’s last sale in 2015, when Florida-based Xenia Hotels and Resorts paid $63.6 million for the property, according to The Oregonian. It reflects a wider shift in downtown Portland real estate, where several hotels have sold in recent months for far less than their value a decade ago.
Amaterra has not shared renovation plans or a timeline for changes at RiverPlace, but the new owners say they intend to keep the spirit of the hotel intact while investing in the surrounding waterfront.
