Where Historic Charm Meets Modern Hospitality: Boutique Hotel, Pacific Standard Bar, and Event Venues
Green Light formed a partnership to purchase and transform the former Alco Apartments built in 1912 into North America’s first KEX. The original KEX is a successful social hotel concept with a gastropub and event space in Reykjavik, sighted at a former biscuit factory. KEX is Icelandic for ‘biscuit”, hence the namesake.
One of the unique development challenges was completing a comprehensive seismic upgrade while conforming to stringent historic standards required for listing the property on the National Registry of Historic Places.
The project’s capital stack was as creative as the use itself. Equity was sourced via crowdfunding and historic tax credits. Debt consisted of a low-leverage senior loan and Oregon’s first CPACE loan. Additionally, the hotel received a 10-year property tax freeze as a county incentive for historic preservation.
100 NE MLK Jr Blvd.
Portland, OR
GLD Role:
Sponsor
COMPLETION:
2019
SIZE:
26 Hotel Rooms
Restaurant/Bar
22,500 Bldg SF
5,663 Land SF
PARTNERS:
KEX Hotel Portland
KEX Hotel Portland
100 NE MLK Jr Blvd. Portland, OR
Book your next stay or event at KEX Hotel Portland
SIZE:
26 Hotel Rooms, Restaurant/Bar
22,500 Bldg SF / 5,663 Land SF
PARTNERS:
KEX Hostel, Chefstable, Hennebery Eddy, R&H Construction, First Republic Bank, CrowdStreet, Pace Loan Group
Book your next stay or event at KEX Hotel Portland
GLD ROLE:
Sponsor
COMPLETION:
2019
GLD ROLE:
Sponsor
SIZE:
26 Hotel Rooms
Restaurant/Bar
22,500 Bldg SF
5,663 Land SF
PARTNERS:
KEX Hostel
Chefstable
Hennebery Eddy
R&H Construction
First Republic Bank
Crowdstreet
Pace Loan Group
COMPLETION:
2019
Where Historic Charm Meets Modern Hospitality: Boutique Hotel, Pacific Standard Bar, and Event Venues
Green Light formed a partnership to purchase and transform the former Alco Apartments built in 1912 into North America’s first KEX. The original KEX is a successful social hotel concept with a gastropub and event space in Reykjavik, sighted at a former biscuit factory. KEX is Icelandic for ‘biscuit”, hence the namesake.
Where Historic Charm Meets Modern Hospitality: Boutique Hotel, Pacific Standard Bar, and Event Venues
Green Light formed a partnership to purchase and transform the former Alco Apartments built in 1912 into North America’s first KEX. The original KEX is a successful social hotel concept with a gastropub and event space in Reykjavik, sighted at a former biscuit factory. KEX is Icelandic for ‘biscuit”, hence the namesake.
One of the unique development challenges was completing a comprehensive seismic upgrade while conforming to stringent historic standards required for listing the property on the National Registry of Historic Places.