It may be the most popular hotel in the world, but one of the most expensive.
In Portland, the iconic Portland Maine Hotel is one of a number of iconic properties that have made a fortune off of the real estate market, with rents up to $4,500 per night.
But a recent $4 million sale by a Vancouver real estate firm to a Canadian company is making waves in Portland.
The Portland Maines $4 Million Real Estate Deal With Vancouver’s BCG Partners has attracted scrutiny from a number quarters.
Vancouver-based BCG Investments is a developer of luxury real estate in the United States and Canada, including the Maines.
Its new property in Portland is one in a series of seven properties the firm has bought over the past several years.
BCG also owns two hotels in the Portland area, the Westin Portland Center and the Portland Marriott Downtown.
It owns the Portland Hotel Group, which is part of the Westfield group of hotels that has recently taken a major hit.
The Maines sold for $4m in 2014.
In January, the Portland City Council approved a $1.4m deal with BCG, which was followed by a $2m deal in January with Vancouver’s Cushman & Wakefield.
The city council then approved a second $1m sale in May with Vancouver-headquartered BCG.
The last sale was a $6.4 million deal in February.
The $4M sale is not the largest in Portland history, but it is one that attracted scrutiny and controversy.
In the weeks since, city council members have debated whether to approve the second sale and if they should.
BCM Partners chief executive Officer Peter Cottrell has said the company has done “a lot of research” and has done a “tremendous amount of homework” on the deal.
“The value of our property in the city is just phenomenal,” Cottrel said in a conference call with reporters.
“It’s something that the city could never do without and something that we would never do to a property.”
A group of Portland residents filed a lawsuit in April, asking the city to approve a second sale.
The lawsuit says the city failed to adequately consult with the community before approving the second deal.
Cottrell said the city has “absolutely” looked at the complaints.
“There’s certainly an opportunity to address it,” he said.
“We have the utmost respect for the citizens of Portland, and that’s the reason why we have done our research and the diligence that we have to ensure that the public has a safe and secure environment.”
The city is currently considering whether to seek the court’s approval to sell.
The Vancouver firm that bought the property has said it will not be selling the property.
“No, we won’t be selling,” said Rob Crouch, who is the chief executive officer of Vancouver-heads BCG Properties.
“That’s not a fact.”BCG Partners’ website says the Maine is “a boutique hotel with modern amenities and luxury amenities”.
It states the property is a “unique asset” that has been “built in an ideal location” in the heart of Portland.
A “new, modern, high-class, modern hotel, restaurant, retail, conference and community space” will be built in the hotel’s former hotel and restaurant space.
The deal comes as a city council is expected to vote on a resolution next week that would authorize the city’s sales tax increase to cover the cost of the project.
The resolution is expected, along with a vote on the sales tax hike, to be the only resolution to be voted on before the council meets next week.