Jawfish, a restaurant that is about “celebrating the flavors of the Pacific Northwest,” will open in the old Shilo Restaurant space at what was the Shilo Inn on NE Airport Way. This will be a standalone restaurant on hotel property, and they look forward to offer something exciting to the area, which is mostly home to other hotels and big chains—and a large stone’s throw from the incoming In-N-Out slated for NE Airport Way and Holman. Additionally, Le Petit Chef, an immersive dining experience, will operate at this location.
The Shilo Inn to Sojourn Suites to Hyatt
Basically the Shilo Inn went into foreclosure and a buyer group snatched it up.
Missed Payments, Bankruptcy, and Foreclosure
This part of the story goes back to 2021. Real estate news site Connect CRE reported in 2024, “In 2021, Pacific Crest Real Estate Advisors was engaged in an advisory capacity by Serene Investment Management during due diligence for the Non-Performing Note acquisition.” A non-performing note is a loan that is behind in payments by 90+ days.
Chapter 11 bankruptcy was filed on November 9, 2022 (here’s the petition), then dismissed July 18, 2023. Willamette Week also reported the news that Shilo Inn founder Mark Hemstreet owed over $20 million in back taxes.
In 2023, Serene Investment Management successfully foreclosed on the hotel, and came into “fee simple ownership.” This is where they own everything—land, buildings, all of it.
Pacific Crest and the Buyer Group
Pacific Crest figured out who to sell this property to—a buyer group. It was a joint venture between Vesta Hospitality’s Qualified Opportunity Zone Hotel Fund and Integrity Structures, a Pacific Northwest hotel developer and general contractor. The plan put into place was to redevelop the hotel. Vesta Hospitality is based in Vancouver, WA.
Today
Currently it’s operating as Sojourn Suites Portland Airport, but only on an interim basis. Eventually, likely in 2026, it will become two Hyatt hotels: Hyatt House and Mindaro by JdV (a Hyatt brand)—200 rooms in total. Also, the property is part of a Federal Opportunity Zone, so there are investment incentives that go with that…