The Merchant Hotel, a building that spans 60,500 square feet across four floors and was built in 1880, has been bought by a local Portland restaurant owner.
The building was previously owned by NBP Capital, who purchased the building in 2017 for $12.25 million, reported the Portland Business Journal. The property is listed on the National Register of Historic Places.
Adam Milne, who also owns Old Town Pizza and the Haunted Underground Shanghai Tunnels Tour, purchased the Merchant Hotel building for $2.6 million, more than $10 million less than its last sale price. Troy Reichenberger, senior vice president for commercial lending at Oregon Pacific Bank, told the outlet that the bank was able to provide commercial real estate financing in conjunction with SBA financing through Cascade Capital Funding to complete the building acquisition.
Milne plans to expand building tours to the upper floors of the building. The building also has office space that he hopes to lease to nonprofits or companies.
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