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Tryperion
and Vesta Joint Venture Acquires
Iconic
Riverhouse Hotel & Convention Center in Bend, Oregon
|
Los
Angeles, CA – March 2015 / Newsmaker Alert / A joint venture
between Tryperion Partners and
Vesta
Hospitality has acquired the Riverhouse
Hotel & Convention Center, a 220-room full-service hotel and 53,000-square-foot
state-of-the-art convention center strategically located along the Deschutes
River in Bend, Oregon. In addition to its prime riverfront accommodations
and unrivalled conference facilities, the Riverhouse offers guests access
to walking and hiking trails surrounding the Deschutes River, close proximity
to Bend’s numerous retail districts and breweries, and a short commute
to the famed Mt. Bachelor Ski Resort. The joint venture will implement
upgrades to the guest rooms and food and beverage outlets to enrich the
guest experience, and enhance the sales force to attract additional tourism
to the area.
“The hotel has been a fixture
in the Bend community for decades and has recently gained a more regional
audience with the completion of the conference center,” said Tryperion
partner Eliot Bencuya. “We look forward to working alongside Vesta in bringing
the hotel to its full potential. The investment fits squarely within our
strategy of venturing with best-in-class operators in overlooked secondary
markets.”
Tryperion’s joint venture
partner, Pacific Northwest-based Vesta Hospitality, is a fully integrated
hotel development and management company with over 100 years of combined
ownership and management experience. “We are excited to partner with the
Tryperion team,” said Rick Takach, president and CEO of Vesta Hospitality.
“We see immense potential in our planned renovation and in a more dedicated
regional sales effort that will showcase the hotel as one of the area’s
preeminent leisure and meeting venues. It is an ideal opportunity to use
our collective construction management, operations, and capital markets
experience to maximize the value of the property.”
About Tryperion Partners
Tryperion Partners is a
Los Angeles-based private real estate investment firm focused on value-add
commercial, hospitality, and multifamily investments in secondary Western
and Midwestern U.S. markets. Tryperion’s founders have acquired and managed
assets valued in excess of $4.5 billion across all major commercial property
types. Tryperion acquired the property through its family of fully discretionary
value-add funds. For more information, visit www.tryperion.com.
About Vesta Hospitality
Founded in 1996 and headquartered
in Vancouver, WA, Vesta Hospitality is one of the nation’s leading, privately
owned hotel management and development firms. With a portfolio of twelve
properties across the United States and Canada, Vesta continues to seek
out opportunities in key markets across North America. For more information,
please visit www.vestahospitality.com.
Contact:
For Tryperion Partners
Elizabeth
Valles
310-636-1888 |