A downtown Portland hotel in the former headquarters of the Portland Press Herald has been sold.
Fathom Cos., a Portland property development and hotel management company, said Monday that it has sold the Press Hotel, at 119 Exchange St., to a West Coast private equity firm. KHP Capital Partners, based in San Francisco, said it was “thrilled” to buy the hotel.
Press Hotel developer Jim Brady inside the hotel in 2015. Gregory Rec/Staff Photographer
“The investment fits squarely into our strategy of acquiring or redeveloping high quality real estate in dynamic markets with drive-to leisure demand,” said Jeff Stulmaker, a KHP partner, in a news release.
Fathom Cos., will continue to manage and operate the hotel, according to the release.
The seven-story building has 110 rooms, a restaurant and a bar. It is situated across from Portland City Hall.
Fathom “is pleased to carry on our connection with this property as we create unique experiences for our guests going forward and continue our strong community engagement here in Maine,” said company President Jim Brady.
KHP manages five equity funds worth $1.25 billion, according to its website. It focuses investments on independent and boutique hotels and has properties in Washington, D.C.; Philadelphia; Scottsdale and Sedona, Arizona; Portland, Oregon, and Santa Barbara, California.
The companies did not disclose the purchase price, and no record of the sale could be found Monday on Portland’s property records website or the Cumberland County Registry of Deeds.
The building was last sold in 2014 for $4 million to Press Hotel LLC, according to city records.
Between 1923 and 2010, the building housed offices of the Press Herald and Maine Sunday Telegram. Brady redeveloped the property into a boutique hotel designed to evoke the newsrooms of the early 20th century.
The hotel opened its doors in 2015. Advertised rates for a king or double room on a weekend in early August 2022, at the height of next summer’s tourism season, range from about $460 to $630 per night, according to an online booking search Monday.
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