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A Vancouver, Washington-based firm plans to break ground in August on a seven-story AC Hotel by Marriott on the Vancouver riverfront.

The $50 million hotel, expected to appeal to business travelers, will have 150 guest rooms and two floors of above-ground parking on the second and third floors. It’s the latest ground-up project for Vesta Hospitality, which in the past has mostly used a different strategy.

鈥淥ur primary focus has been acquisition of product and repositioning for better value of product,鈥� Vesta CEO Rick Takach said.

The building will also have about 5,000 square feet of top-floor office space that Takach said he may take for Vesta.

In the case of the AC Hotel, Vesta took a gamble on the chance to be part of new development on Vancouver’s south-facing Columbia River frontage.

鈥淲e wanted to be down on the waterfront,鈥� Takach said.

The project comes amid a rapid transformation of the area. Gramor Development is overseeing a massive 20-block redevelopment of a former Boise Cascade paper mill site nearby.

The AC Hotel will occupy land leased by the Port of Vancouver USA. Takach agreed to build the hotel to Leadership in Energy and Environmental Design gold standards as a result of negotiations with the port. He also agreed to build 160 parking spaces for the fast-growing area.

Takach said he turned his attention to the port’s land after declining to meet Gramor’s asking price for a parcel at The Waterfront Vancouver.

Takach said he’s interested in bringing in additional investors for the AC Hotel project, which is in an opportunity zone. The tax designation helped attract construction financing from Rockbridge Capital of Columbus, Ohio, a frequent Vesta partner.

DLR Group is designing the AC Hotel, and Camas, Washington-based Robertson & Olson Construction is serving as the general contractor. Otak is the engineer, and Urban Resources Inc. is the developer’s representative. Robertson & Olson’s experience working on the Vancouver waterfront and its relationships with subcontractors made it an obvious choice, Takach said.

Meanwhile, Vesta is also closing in on a purchase of the Cannery Pier Hotel, a 15-year-old, 46-room hotel that juts into the Columbia River in Astoria. Vesta is under contract to buy the hotel for $13 million, Takach said. The property is being offered by the estate of Astoria developer Robert 鈥淛ake鈥� Jacob, who died last year.

Takach is waiting on approval of a waterway lease from the Oregon Department of State Lands before the transaction closes.

鈥淚 think it’s arguably an irreplaceable asset,鈥� Takach said, noting development of the hotel took more than a decade.

Takach said he meets with Vesta’s acquisition team every Friday to review hotels for sale across the United States. Currently, the company owns 12 hotels, but that could change, he said.

鈥淚t’s a good time to sell,鈥� he said.

Notably, the company has avoided the crowded hospitality market in Portland’s Central City. Takach described Portland’s hotel market as 鈥渋n one word: scary.鈥�

More than 1,900 hotel rooms are in development or under construction in central Portland, including the 600-room Hyatt Regency at the Oregon Convention Center, the 486-room Toyoko Inn, the 251-room Ritz-Carlton at Block 216, the 170-room Hyatt Place in the Pearl District, the 250-room Hyatt Unbound and the 179-room Moxy.

鈥淎s an industry, we try to do this to ourselves every few years,鈥� Takach said of the rapid expansion.