Dive Brief:
- Sweden-based contractor and developer Skanska USA has taken on construction of the Porter Hotel, a new, 16-story, $55.9 million project in downtown Portland, OR, the Portland Business Journal reported.
- The 299-room hotel, under developer The Widewaters Group, will be part of the Hilton Hotels Curio Collection, its line of four-and five-star independent luxury hotels.
- Construction is set to begin before the end of 2015 and will take approximately one year. HC Architecture, of Atlanta, is serving as the project's architect.
Dive Insight:
Skanska’s U.S. construction operations took a hit this year, reporting a 50% drop in profit from last year, primarily due to third-quarter write-downs of $74 million in its U.S. construction operations.
This latest hotel project is in line with Skanska’s recent statement that its priority is to restore profitability to its U.S. construction operations.
Skanska has seen some high-profile project complications in the U.S. construction market this year, included a parting of the ways with Apple midway through construction of Apple’s "spaceship" headquarters in Cupertino, CA. In addition, this summer, Skanska’s joint venture projects, the "Raise the Roadway" Bayonne Bridge rehab and Boston’s Green Line extension, have been plagued with delays and cost overruns.
