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**Hotel Portion of Portland’s Broadway Tower Reverts to Lender Through Deed in Lieu of Foreclosure**
The lender for the hotel component of Portland’s Broadway Tower has taken ownership of the property through a deed in lieu of foreclosure agreement with BPM Real Estate Group.
Ownership has officially transferred to an entity tied to Dallas-based Canyon Partners, according to a recently filed statutory warranty deed. This transaction only includes the hotel portion of the development and does not affect the office floors, which BPM sold in 2020 for $132.5 million, as first reported by The Oregonian.
The Hotel Vance, occupying the lower eight floors of the 19-story, 430,000-square-foot tower located at 1455 S.W. Broadway, had remained under BPM’s control following the sale of the office space. Notable tenants in the upper office floors include Amazon, AARP Oregon, and law firm Cable Huston.
In 2022, BPM refinanced the hotel section with a $47.4 million loan, which reached maturity in January 2025. Canyon Partners subsequently filed a lawsuit in November 2024, alleging loan default and requested the appointment of a court receiver.
Earlier this week, both parties agreed to terminate the receivership proceedings following the transfer of ownership to Canyon Partners’ affiliate.
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