Posted on 03/06/2025 8:37:50 PM PST by Morgana
The luxury Ritz-Carlton Hotel in downtown Portland, Oregon may be in trouble after less than just two years of operation.
Ready Capital, the lender to real estate group that owns the hotel announced a bleak future for the Ritz-Carlton in a report detailing the corporation's fourth-quarter earnings.
'The fourth quarter closes out a year of mixed results,' CEO Thomas Capasse wrote in a press release.
'On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments.
'Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth.'
The Ritz Carlton was an underperforming property in the group's investment portfolio, failing to earn revenue comparable to the average for all Ritz-Carlton hotels.
The hotel's building, Block 216, was bought by real estate developer Walter Bowen in 2019 and opened in 2023.
The 35-story tower boasted luxury rooms starting at $500 a night and featured 132 condominiums.
(Excerpt) Read more at dailymail.co.uk ...
Just build a very large Motel 666 and we'll leave the black light on for you.
ANY property now in communist Portlandia is now skank
The article continues:
“The lender is preparing to close the hotel.”
Ouch.
Local ‘Rat Commies [voters and politicians] have turned Portland into a turd world Bleep Hole.
Enjoy your ‘Rat Utopia, you hosers. [TrueDope approves...]
Just in time for area squatters to have a Portland Summer of Love place of their “own”.
Nothing like opening a “stunning Ritz-Carlton in downtown Portland AND SEE IT FAIL.
Well, when you are investing in a property in a NON performing city, WHAT THE HELL DID YOU EXPECT?
PORTLAND HAS COMMITTED SUICIDE, LET IT BE BURIED!
PS. This is covered in the first day of Economics 101. Taught in 3rd grade.
The “Rose City” will have roses on its TOMB!
Nothing like opening a “stunning Ritz-Carlton in downtown Portland AND SEE IT FAIL.
Well, when you are investing in a property in a NON performing city, WHAT THE HELL DID YOU EXPECT?
PORTLAND HAS COMMITTED SUICIDE, LET IT BE BURIED!
PS. This is covered in the first day of Economics 101. Taught in 3rd grade.
The “Rose City” will have roses on its TOMB!
Nothing like opening a “stunning Ritz-Carlton in downtown Portland AND SEE IT FAIL.
Well, when you are investing in a property in a NON performing city, WHAT THE HELL DID YOU EXPECT?
PORTLAND HAS COMMITTED SUICIDE, LET IT BE BURIED!
PS. This is covered in the first day of Economics 101. Taught in 3rd grade.
The “Rose City” will have roses on its TOMB!
Nothing like opening a “stunning Ritz-Carlton in downtown Portland AND SEE IT FAIL.
Well, when you are investing in a property in a NON performing city, WHAT THE HELL DID YOU EXPECT?
PORTLAND HAS COMMITTED SUICIDE, LET IT BE BURIED!
PS. This is covered in the first day of Economics 101. Taught in 3rd grade.
The “Rose City” will have roses on its TOMB!
Go ahead and laugh at my conspiracy theory.
Antifa and the insane city council were bankrolled to intentionally wreck downtown portland, so that priveledged ulra rich investors could snap up these properties for pennies on the dollar.
Properties that later will be worth a fortune when the area recovers
When it recovers? When will that be? 200 years from now?
Told you the blue demoncrat city has turned into a hell hole.
It needs to be politically fumigated once and for all. It is a den of demoncrat iniquity.
Downtown Portland? Why not downtown Gaza? Gaza has a climate like Southern California and is on the beach.
“Properties that later will be worth a fortune when the area recovers.”
IF the area recovers. And that is a mighty big if.
L
People who invest in Democrat controlled cities are fools.
Got that right.
HA!!!! Good one.
This many business owners, bankers, and wealthy people are not this stupid. There has to be some reason why anyone thought this was a good idea. Tax write-off? Money laundering front? What is it? No one in their right mind would do something so blatantly dumb on paper.
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