Source: Oregon Live.

Source: Oregon Live.

[source:  Oregon Live]  The developers rejuvenating the Grove Hotel in Portland’s Old Town Chinatown neighborhood are proposing to transform the longtime eyesore into a nine-story building, making it one of the historic district’s tallest buildings.

Bob Naito, head of Naito Development and part of the prominent Portland family, said his group’s original plan to rehab the derelict city-owned hotel into a trendy 70-room international hostel didn’t pencil out.

Now Naito’s project team, which includes New York-based financier Eagle Point Hotel Partners, plans a 112-room “lifestyle boutique hotel” that would reach a height of 100 feet. The project budget, once $7.5 million, is now approaching $25 million.

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