Pebblebrook Hotel Trust has acquired Portland, Oregon-based luxury hotel The Nines Hotel for $127m.

The 331-room property occupies floors six to fifteen and a portion of the first floor and basement within the Meier & Frank Building.

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The Meier & Frank Building, originally constructed in 1909, underwent a comprehensive $140m renovation and reopened as The Nines Hotel in October 2008.

The property will maintain its association with Starwood’s Luxury Collection brand and will continue to be operated by Sage Hospitality and Sage Restaurant Group, Pebblebrook Hotel said in a statement.

The Nines Hotel guestrooms are said to be among the largest of the upper upscale and luxury offerings in the market, ranging from 365ft² to 628ft².

"This hotel represents our third hotel investment in Portland’s central business district."

The property features 13,500ft² of meeting space along with two independent restaurants. It also features a library, a 24hr fitness centre, a business centre, a club lounge and valet parking.

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Pebblebrook Hotel Trust chairman and CEO Jon Bortz said: "We’re thrilled with our acquisition of The Nines Hotel and the opportunity to further expand our presence in the high-growth Portland market.

"This hotel represents our third hotel investment in Portland’s central business district, and the property’s desirable location across from Pioneer Square ideally places it near many of downtown Portland’s most notable demand generators.

"The hotel’s excellent downtown location and strong operating fundamentals, including its position as the market’s rate leader, make this acquisition an outstanding addition to our high-quality portfolio."