Hotel Sale May Help 2 Family Foundations

Two family foundations in Portland, Ore., stand to receive an estimated $90-million infusion from the sale of a hotel owned by the funds’ founders.

After the sale is completed on April 21, 80 per cent of the proceeds from the sale of the Claremont Hotel and Resort, in Berkeley, Cal., will go to the Harold and Arlene Schnitzer Care Foundation. The rest will establish the Jordan and Mina Schnitzer Foundation.

Harold Schnitzer is president of Harsch Investment Corporation; his son, Jordan, is vice-president.

Barbara Hall, administrator of the elder Schnitzers’ foundation, said the new funds will be used to support the arts, needy youngsters and their families, medical research, and Jewish causes. Harold Schnitzer established the foundation that bears his name in 1993; its asset base was $2.1-million as of June of last year, Ms. Hall said.

Details of the younger Schnitzers’ grant-making priorities are still being worked out, she said.