Rufus Deering hotel development site sold to Norwich Partners

Reger Dasco Properties has sold its fully approved hotel development site at the former Rufus Deering Lumber Co. in Portland to developer Norwich Partners LLC.

According to a news release by commercial real estate firm Holliday Fenoglio Fowler, which represented the seller, Norwich Partners plans to develop a 155-room Aloft Hotel on the site. Norwich Partners opened the AC Hotel on Portland’s East End in July.

The site is part of Reger Dasco’s overall redevelopment at the former Rufus Deering property. The overall redevelopment is a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces.

The hotel will be part of the first phase of development and upon completion will operate as an Aloft Hotel. The six-story, 112,439-square-foot building will feature 155 guest rooms, restaurants, meeting space, fitness center, 22 on-site parking spaces and valet parking.

Aloft Hotels, a Marriott International brand, opened its first site in 2008. There are now 155 across 20 countries.

Norwich Partners, founded in 2003, has a development office in Sanibel, Fla., and a management office in Lebanon, N.H. It is a developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida.

Reger Dasco Properties, a developer partnership that has built high-end condos in Portland and other locations, purchased the 2.5-acre Rufus Deering property, at 383 Commercial St., in November 2016. Rufus Deering had been in operation for 162 years at that time, and was one of Portland’s oldest businesses. Upon the sale of the property, Rufus Deering transferred staff and assets to Eldredge Lumber & Hardware in Portland and York.

In December 2017, Reger Dasco Properties received the go-ahead to put up a 139-room hotel and condominium complex at the former Rufus Deering site.

Norwich Partners was previously active in Portland when it sold the Residence Inn Portland, at 145 Fore St., to an undisclosed buyer in October 2017.

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June 2, 2019 at 06:31AM