Pacific Inland Venture Partnership, an investment company based in Anaheim, Calif., has purchased the 227-room Eugene Hilton Hotel for $8 million, it was reported Sunday.
Pacific Inland plans to spend $1 million to recarpet the guest rooms and renovate the 12th-floor restaurant and lounge. The marketing budget will be increased to $400,000.
The hotel, purchased from Equad Group, a consortium of Pacific Northwest banks, will be managed by a subsidiary of Pacific Inland, the Sterling Hotels Corp., San Luis Obispo.
"We feel the market has bottomed and we're catching the curve at just the right point of the cycle," said Morgan Burkett, Sterling Hotels president. "We plan to write a new chapter, a positive chapter, in the hotel's history."