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Real Estate

Brian Miller
Real Estate Editor
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August 18, 2022

On the Block: Arctic Club Hotel: good deal or bad deal?

As the DJC first reported in the summer of last year, downtown's Arctic Club Hotel was shuttered by the pandemic, in foreclosure and facing a sale out of receivership. With COVID-19 vaccines then only gradually being distributed, it wasn't clear when or if an old 120-room hotel on Third Avenue would ever be a good investment.

But last month an Oregon hotelier, the Oxford Collection, finally stepped in to buy the landmarked building at 700 Third, on the corner of Cherry Street. The over $30 million transaction — well below its assessed value — seemed like an opportunistic buy, possibly a vulture deal in that rather depopulated area of downtown where tourists seldom stray.

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