Downtown Portland's upscale Hotel Modera was sold for $47.5 million, including $23.7 million in debt.
The buyer, Pebblebrook Hotel Trust, owns 28 hotels in 10 states and the District of Columbia. Its portfolio also includes the Hotel Vintage Plaza in Portland.
The 174-room Hotel Modera, located at the corner of Southwest Sixth Avenue and Columbia Street, is a former Days Inn that was renovated for $13 million and reopened in 2008 as a luxury boutique hotel. It's also home to the Nel Centro restaurant.
Read more at OregonLive.com.