There's been no shortage of hotel development in the Portland area in the last decade. As the city's profile has increased, so has tourism. That tourism had led to a barrage of renovations and new construction when it comes to hotels. But as the popularity of Portland has ballooned, so has the prices of many of hotels closest to the center of the city, leaving many cash-strapped tourists on the outside looking in. That could all be changing.

According to the Portland Press Herald, Portland will welcome its very first hostel this summer, the Black Elephant. Hostels are especially popular in Europe, offering tourists budget friendly places to rest their head without all of the frills that hotels offer up. Heather Loeber, the owner of Black Elephant, believes a hostel in Portland is long overdue, despite the rise in Air Bnb offerings within the city.

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Black Elephant Hostel will be located at 33 Hampshire Street. It's a 12 bedroom property with 12 bathrooms, and as hostels go, you may be able to rent a bunk for as low as $40 per night. When Black Elephant is at capacity, it will hold 54 guests.

And another intriguing part of the Black Elephant includes the names of the rooms. Loeber is a huge Beastie Boys fan, so she named some of rooms after the Beastie Boys catalog.

Loeber is hopeful that Black Elephant Hostel can open by the beginning of June and welcome another tourism crowd to Portland.