Portland's Press Hotel sold to San Francisco private equity firm
Courtesy / Irvin Serrano
The Press Hotel, in downtown Portland, has been sold to a private equity firm in San Francisco.
Portland's Press Hotel, a former newspaper building transformed by developer Jim Brady into a 110-room boutique hotel, has been sold to a private equity investor, the companies announced on Monday.
Terms of the sale were not disclosed.
Brady's Fathom Cos. sold the building, at 119 Exchange St., to KHP Capital Partners, a San Francisco-based real estate private equity firm focused on investments in the hospitality sector.
“We are delighted to pass the torch of ownership on this amazing property to KHP, and remain involved in overseeing the hotel operations," said Brady, who was honored on the Mainebiz Next list in 2017 for his contributions to the state's economy.
"The Press Hotel has been a successful historic adaptive reuse project in the vibrant Old Port neighborhood of Portland, and Fathom is pleased to carry on our connection with this property as we create unique experiences for our guests going forward and continue our strong community engagement here in Maine," Brady added.
KHP, which invests across 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 sold to InterContinental Hotel Group.
Since 2004, KHP's co-founders have raised more than $1.3 billion to invest in hospitality real estate, and the company is currently deploying its fifth fund in the KHP series, KHP Fund V, a $361 million fully discretionary vehicle.
“We are thrilled to acquire the Press Hotel from Fathom Cos. and look forward to continued success under our stewardship," said Jeff Stulmaker, a partner with KHP who serves as the firm's chief investment officer. "The investment fits squarely into our strategy of acquiring or redeveloping high quality real estate in dynamic markets with drive-to leisure demand."
The Press Hotel opened in 2015 and became part of the Autograph Collection by Marriott. The building, originally known as the Gannett Building, dates to 1923 and was expanded in the 1940s. The edifice served as the headquarters of the Portland Press Herald until 2010.
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