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

Green Rush: Cashing in on legal marijuana

March 2015
Friday, February 20, 2015
BY COURTNEY SHERWOOD | OB CONTRIBUTOR

Marijuana is big business in Oregon, and it’s about to get bigger.


Read more...

Downtown flower shop readies for the Valentine's Day rush

The Latest
Monday, February 09, 2015
021015-giffords-thumbBY MEGHAN NOLT

VIDEO: Gifford's Flowers brings family approach to PSU-area shop.


Read more...

Photos from the 100 Best Companies to Work For in Oregon awards celebration

The Latest
Friday, February 27, 2015
IMG 9975cneditPHOTOS BY JASON E. KAPLAN

Images from the 2015 celebration of Oregon's great workplaces.


Read more...

Will Medford Ever Be Cool?

February 2015
Friday, January 23, 2015
BY DAN COOK | PHOTOS BY JASON E. KAPLAN

A real-estate developer and a Lithia Motors executive aim to revamp the city's forlorn downtown.


Read more...

Finding a Balance

Contributed Blogs
Thursday, January 29, 2015
012915-passinvst-thumbBY JASON NORRIS | OB GUEST BLOGGER

Active vs. passive investing: what you need to know.


Read more...

Money Talks

March 2015
Saturday, February 21, 2015
BY LINDA BAKER | OB DIGITAL NEWS EDITOR

Will community banks survive the digital age? Three CEOs peer into banking's crystal ball.


Read more...

Everything old is new again: How the EEOC is reinventing itself

Contributed Blogs
Tuesday, February 17, 2015
BY TAMSEN LEACHMAN | OB GUEST CONTRIBUTOR

It is important to understand the EEOC’s priorities, and ensure that your leadership understands the shifting expectations of regulators and the heightened standards to which you (and they) may be held.


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