McMenamins Seeks Private Investors for Hotel Project

    The founders of family-owned McMenamins Inc., which operates 52 pubs, restaurants, and historic hotels in the Pacific Northwest, are inviting private investors to join the redevelopment of the vacant Anderson School in the heart of Bothell, Wash., into a vibrant community hub and travel destination. The company established a separate LLC, Anderson School Properties, and is launching an $8 million crowd-funded capital campaign. According to the Portland Business Journal, McMenamins plans to break ground on a $26 million conversion of the former middle school modeled on the company’s Kennedy School venue in Northeast Portland. The project will include conversion of the 1930s Art Deco school building into a 73-room hotel; restaurants, small bars, onsite brewery, and first-run movie theater; meeting and event space; a swimming pool and full-service day spa; and gardens and additional community green space. Menamins is organizing its own crowdfunding campaign to target accredited investors—those with $1 million or more net worth and $200,000 or more in annual income, per SEC rules. Read more over at the Portland Business Journal.

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