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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 ...
“Comments” section is expectedly informative:
Dressed up like a million-dollar trooper
Trying hard to look like Gary Cooper (super duper)
Come, let’s mix where Rockefellers
Walk with sticks or umbrellas in their mitts
Puttin’ on the Ritz.
I knew it. Homeless and antifa. Like people staying at the Ritz Carlton and wanting to look out at that while on vacation.
My (very) humble opinion- somehow money diverted from ngo to build and
ultimately become migrant housing
I’m sure the government will pay billions of dollars to fill it up with illegal invaders - so they won’t lose any money.
This is what happens when you get all you news from the fake media. You think everything in a place like Portland is just fine, no problems, what could go wrong? Just another city to do business in . . .
Portland is where young hippies go to retire. It’s not a magnet for industry and commerce. I visited my daughter once there when she lived there. I swore I was back in the 80s or something
Kamala Harris got 79% of the vote in Multinomah County (Portland’s county). It is difficult to see Portland ever coming back from progressive hell.
With the decline of cities, Trump’s business of luxury hotels and condos in major cities has also been on the decline: Trump Toronto was sold to St. Regis. Trump Washington (the old post office) was sold to Waldorf. Trump Vancouver, Trump Hawaii, Trump Panama and Trump Fort Lauderdale were all rebranded.
Imagine, people reluctant to stay in a $500/night hotel in a city besieged by Anqueefa.
Detroit is now slowly recovering. I think it has been about 50 years. 50 years and far from “recovered”.
A long time to wait to begin to obtain a return on your investment. Most investors will be dead after 50 years of waiting.
I was going to make that point myself.
Thanks.
L
If you would like more information about what’s happening in Oregon, please FReepmail me. Please send me your name by FReepmail if you want to be on this list.
The hotel is situated in the center of the city so guests can enjoy views of downtown and nearby greenery
Capasse said in a conference call that the lender is preparing to close the hotel and start ‘serial asset disposition on the components,’ according to Willamette Week.
The plan is essentially to sell off the 35-story building in pieces including hotel rooms, office spaces, and for-sale residences.
This is very sad to me...I lived in NW Portland from mid 1980s to mid 90s. It was a beautiful, safe place. The demcommies killed it.
After the riots in the 1960s there were many folks who thought the same way you did—that “the fix was in” and some folks would get rich buying property on the cheap.
This was a theme in the classic cop show “The Shield” where a senior police official stopped law enforcement in one part of town, then bought real estate on the cheap, and then restarted law enforcement to improve the area so he could make a killing.
Meanwhile in the real world...buyers ended up with huge property taxes they could or would not pay and the banks/mortgage holders ended up with the properties.
In our area Hartford, CT was declared to be “the rising star” for decades.
That siren call crushed developer after developer.
Let me get this correct.
I SAVE $500/night by NOT staying in Portland?
Best deal ever!
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