Although the hotel operator hasn't been announced, this is clearly not a high budget project. To my eyes the redesign, though fairly conservative, has a well composed elevation with a limited palette of high quality materials (precast concrete, aluminum / fiberglass windows and aluminum storefront). Getting too ambitious on a limited budget is rarely a recipe for success; indeed I seem to remember a lot of criticism on this forum directed at a certain project, that initially was praised, but then fell out of favor when it became obvious that it couldn't reach its architectural ambitions within the constraints of its budget.
As for the quality of buildings that are getting in built in Portland, may I point out that there are two projects under construction right now designed by internationally famous architects? (They are the PSU School of Business Administration and the Japanese Garden Expansion, by Behnisch and Kengo Kuma respectively.) And that three Portland based firms were recently ranked as
among the best in the country for design? (ZGF, Works and Hacker).