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PDC prepared to take loss on downtown hotel

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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

 

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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?
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