PSU Enters Exclusive Negotiating Agreement with Colas Development Group

Portland State University has entered into an exclusive negotiating agreement with Colas Development Group to develop a 150-key hotel and conference center as part of the planned multi-use Performing Arts + Culture Center development at the south end of downtown Portland. PSU will serve as the overall developer of the complex. The agreement, which covers only the hotel and conference center, represents more than $70 million in private investment commitment to the heart of the city.

The Performing Arts + Culture Center is part of a broader vision that will help remake Portland as a cultural destination, reignite investor confidence, activate south downtown, strengthen PSU’s signature performing arts program and energize the city’s arts ecosystem. The on-site hotel and conference center will support that vision by housing visiting artists, performers, conference attendees and audiences.

Colas Development Group brings together Colas Construction, Inc., one of the Pacific Northwest’s leading, family-owned construction firms, and HMS Developments, a minority-owned real estate investment and development firm led by Ndamukong Suh and Kerry Hughes. The group combines deep local expertise with national capital market relationships, positioning the team to deliver a hospitality project that matches the scale and ambition of the Center.

"We believe downtown Portland’s best days are still ahead. This is more than a development project. It is an opportunity to help shape the next chapter of our city,” said Andrew Colas, president and CEO of Colas Construction on behalf of Colas Development Group. “Together, Colas Development Group and HMS Developments are bringing locally headquartered leadership, private investment and a shared vision for Portland’s future. We are proud to partner with Portland State University on a project that will strengthen our arts community, support economic vitality and help reignite downtown Portland for generations to come.”

The exclusive negotiating agreement will remain in place for at least six months during the initial stages of coordination, planning and development. The next step is dependent on the city of Portland and its elected officials providing confidence that the project will move forward. The performance venues themselves will be separately contracted and procured.

“Selecting Colas Development Group to enter into an exclusive negotiating agreement for the hotel and conference center is a meaningful step and a signal that the Center is generating the kind of private investment opportunities that can serve as a catalyst, energizing downtown Portland long into the future,” said PSU President Ann Cudd.