The 225 room proposed extended stay hotel is waiting for a sign-off from the city. The Portland Development Commission (PDC) has already worked a deal for the hotel to lease a near by parking structure, Station Place, for nearly $100,000/year. The agreement would use just 100 stalls of the often quiet structure. Read the public documents here.
Pearl residents have been waiting quite sometime for a hotel, and Residence Inn will be first. Originally Hoyt planned to build 175 condos on the block, but later changed to apartments, and now will sell the block to the hotel developer.
See a previous PearlHelp write-up on this project here.