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Ritz-Carlton’s Portland Building Taken Back Over by Lender
A lender has taken control of the downtown building that’s home to Portland’s Ritz-Carlton hotel.
Ready Capital announced the move, noting the firm’s possession of Block 216, which includes a 35-story tower that contains offices, residences and Ritz-branded rooms, reported The Oregonian. All parts of the mixed-use building, including office space, hotel rooms and residences, will continue to operate normally. BPM Real Estate Group, which developed Block 216, now no longer controls its two key downtown developments, the other being the Broadway Tower.
Ready Capital will manage the property with Lincoln Property Co. “We are pleased to partner with Ready Capital to manage and help stabilize this terrific asset, which we believe will contribute meaningfully to the resurgence of Portland, a city we are deeply involved in,” said Travis Drilling, LPC’s Executive Vice President of the Pacific Northwest.
