Home Must Reads PDC prepared to take loss on downtown hotel

PDC prepared to take loss on downtown hotel

| Print |  Email
Must Reads
Monday, March 10, 2014

The Portland Development Commission will write off $6.7 million for its investment in The Nines.

The city’s economic development agency is considering accepting an $11.5 million offer by an affiliate of Denver-based Sage Hospitality Resources to repay the $18.2 million balance on four loans it took out from the PDC when it converted the upper floors of the former Macy’s/Meier & Frank department store in downtown into an 331-room luxury hotel. The Nines is the fifth-largest hotel in Portland.

Read more at Portland Business Journal

 

Comments   

 
Guest
0 #1 Do the MathGuest 2014-03-10 19:03:27
Only in Moscow on the Willamette could the loss of almost SEVEN MILLION DOLLARS be deemed a "financial success."

Do the math!

I assume this is taxpayer dollars down the drain once more at the initiative of yet another useful idiot who hadn't a clue about how to make a viable investment.

While many businesses and financing agencies lost a lot of money in the real estate crash, at least they are not so silly as to claim a multi million dollar loss was "a financial success." The only question remains, who made the decision, has he or she been informed of the consequences and has anything been done to prevent yet more millions of following this and Cover Oregon into money heaven?
Quote | Report to administrator
 

More Articles

Managing family assets: The importance of planning ahead

News
Friday, August 22, 2014
Unknown-1BY CLIFF HOCKLEY |  OB GUEST CONTRIBUTOR

When business intersects with family, a host of  situations can arise. Without a clear vision and careful planning, hard-earned investments can become stressful burdens.


Read more...

Green Endeavor cleans up

News
Wednesday, August 06, 2014
080614 ULnew greenendeavorBY LINDA BAKER | OB EDITOR

Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.


Read more...

Podcast: Interview with Steve Balzac

Contributed Blogs
Tuesday, August 19, 2014

082014BalzacBY TOM COX | OB BLOGGER

Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."


Read more...

Is this employee right?

Contributed Blogs
Wednesday, August 13, 2014
081314 thumb employeefeelingsBY TOM COX | OB BLOGGER

When I say, “Your Employee is Always Right,” I do not mean “right about the facts,” but rather “right about how they feel” and “right about how they want to be led.”


Read more...

Community colleges and sustainability

Contributed Blogs
Thursday, July 31, 2014
sustainabilityBY MARY SPILDE | OB GUEST CONTRIBUTOR

Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


Read more...

Two sides of the coin

Contributed Blogs
Monday, August 25, 2014
0825 thumb moneyBY JASON NORRIS | OB GUEST BLOGGER

Ferguson Wellman’s investment views on the economy and capital markets.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS