PORTLAND, Ore. (KOIN) — Portland’s first Hyatt Hotel celebrated its grand opening on Thursday.

The Hyatt House Portland/Downtown is on SW River Drive and will serve visitors to Portland State University, Oregon Health & Science University and businesses downtown.

The 6-story hotel, which cost $53 million to build, has 203 extended-stay rooms along with 1,400 square feet of conference space including a 14-seat board room.

In the last few years, there have been more people staying at Portland hotels, but the price tag kept going up due to a shortage. Recently there have been more hotels going up to accommodate visitors.

Commissioner Dan Saltzman, developer Homer Williams and Hyatt executives attended the 5 p.m. ribbon cutting.

Williams is also a big player in the effort to transform Terminal 1 into a homeless shelter with about 400 beds. He says those without a roof over their heads is just one aspect of the problem, mental health is another hurdle.

“This whole city needs to come together and work on this problem and not point fingers,” Williams said. “I mean come together and work on it and get solutions. The private side can bring a lot to the table.”

There has been plenty of opposition to that shelter plan, but in August the city council voted 3-2 in favor of it. 

Williams has said he can raise anywhere from $60 to $100 million to make it a permanent shelter.