Ready Capital Secures Ownership of The Ritz-Carlton Portland Project
Ready Capital Corporation (NYSE: RC) has acquired ownership of Block 216 Tower, a prestigious mixed-use project in downtown Portland, Oregon, through a consensual deed-in-lieu arrangement with the prior owner. The project features a 251-key Ritz-Carlton hotel, 132 Ritz-Carlton Residences, 159,000 square feet of Class-A office space, and 11,000 square feet of retail space including the Flock food hall.
Ready Capital will manage the property in partnership with Lincoln Property Company, which manages over 562 million square feet of commercial space. Marriott International will continue managing the hotel and residences under The Ritz-Carlton brand. The acquisition aims to strengthen the project's financial and operational resources while supporting downtown Portland's development.
Ready Capital Corporation (NYSE: RC) ha acquisito la propriet脿 del Block 216 Tower, un prestigioso progetto polifunzionale nel centro di Portland, Oregon, attraverso un accordo consensuale di cessione in luogo con il precedente proprietario. Il progetto comprende un hotel Ritz-Carlton con 251 camere, 132 residenze Ritz-Carlton, 159.000 piedi quadrati di spazi ufficio di Classe A e 11.000 piedi quadrati di spazi commerciali, incluso il food hall Flock.
Ready Capital gestir脿 la propriet脿 in collaborazione con Lincoln Property Company, che gestisce oltre 562 milioni di piedi quadrati di spazi commerciali. Marriott International continuer脿 a gestire l'hotel e le residenze sotto il marchio The Ritz-Carlton. L'acquisizione mira a rafforzare le risorse finanziarie e operative del progetto, supportando lo sviluppo del centro di Portland.
Ready Capital Corporation (NYSE: RC) ha adquirido la propiedad de Block 216 Tower, un prestigioso proyecto de uso mixto en el centro de Portland, Oreg贸n, mediante un acuerdo consensuado de escritura en lugar con el propietario anterior. El proyecto cuenta con un hotel Ritz-Carlton de 251 habitaciones, 132 residencias Ritz-Carlton, 159,000 pies cuadrados de espacio de oficinas Clase A y 11,000 pies cuadrados de espacio comercial, incluyendo el food hall Flock.
Ready Capital gestionar谩 la propiedad en asociaci贸n con Lincoln Property Company, que administra m谩s de 562 millones de pies cuadrados de espacio comercial. Marriott International continuar谩 gestionando el hotel y las residencias bajo la marca The Ritz-Carlton. La adquisici贸n busca fortalecer los recursos financieros y operativos del proyecto, apoyando el desarrollo del centro de Portland.
Ready Capital Corporation (NYSE: RC)電� 鞓るΜ瓯挫＜ 韽媭霝滊摐 霃勳嫭鞐� 鞙勳箻頃� 瓿犼笁 氤淀暕鞖╇弰 頂勲鞝濏姼鞚� Block 216 Tower鞚� 靻岇湢甓岇潉 鞝� 靻岇湢欤检檧鞚� 頃╈潣鞐� 霐半ジ 甓岆Μ 鞚挫爠 瓿勳暯鞚� 韱淀暣 鞚胳垬頄堨姷雼堧嫟. 鞚� 頂勲鞝濏姼鞐愲姅 251臧濎嫟 攴滊鞚� 毽笭旃柬娂 順疙厰, 132臧滌潣 毽笭旃柬娂 霠堨雿橃姢, 159,000 韽夒癌頂柬姼鞚� 韥措灅鞀� A 鞓ろ敿鞀� 瓿店皠, 攴鸽Μ瓿� 11,000 韽夒癌頂柬姼 攴滊鞚� Flock 響鸽摐頇�鞚� 韽暔頃� 靻岆Г 瓿店皠鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟.
Ready Capital鞚� 5鞏� 6,200毵� 韽夒癌頂柬姼 鞚挫儊鞚� 靸侅梾 瓿店皠鞚� 甏�毽晿電� Lincoln Property Company鞕� 順戨牓頃橃棳 鞚� 攵�霃欖偘鞚� 甏�毽暊 鞓堨爼鞛呺媹雼�. Marriott International鞚� 毽笭旃柬娂 敫岆灉霌滊 順疙厰瓿� 霠堨雿橃姢 甏�毽ゼ 瓿勳啀 雼措嫻頃╇媹雼�. 鞚措矆 鞚胳垬電� 頂勲鞝濏姼鞚� 鞛爼 氚� 鞖挫榿 鞛愳洂鞚� 臧曧檾頃橁碃 韽媭霝滊摐 霃勳嫭 臧滊皽鞚� 歆�鞗愴晿電� 瓴冹潉 氇╉憸搿� 頃╇媹雼�.
Ready Capital Corporation (NYSE: RC) a acquis la propri茅t茅 du Block 216 Tower, un prestigieux projet 脿 usage mixte situ茅 au centre-ville de Portland, Oregon, via un accord amiable de cession en lieu et place avec le propri茅taire pr茅c茅dent. Le projet comprend un h么tel Ritz-Carlton de 251 chambres, 132 r茅sidences Ritz-Carlton, 159 000 pieds carr茅s d'espaces de bureaux de classe A et 11 000 pieds carr茅s d'espaces commerciaux, dont la halle alimentaire Flock.
Ready Capital g茅rera la propri茅t茅 en partenariat avec Lincoln Property Company, qui administre plus de 562 millions de pieds carr茅s d'espaces commerciaux. Marriott International continuera 脿 g茅rer l'h么tel et les r茅sidences sous la marque The Ritz-Carlton. Cette acquisition vise 脿 renforcer les ressources financi猫res et op茅rationnelles du projet tout en soutenant le d茅veloppement du centre-ville de Portland.
Ready Capital Corporation (NYSE: RC) hat das Eigentum am Block 216 Tower, einem renommierten gemischt genutzten Projekt im Stadtzentrum von Portland, Oregon, durch eine einvernehmliche Abtretungsvereinbarung mit dem Vorbesitzer erworben. Das Projekt umfasst ein 251-Zimmer Ritz-Carlton Hotel, 132 Ritz-Carlton Residenzen, 159.000 Quadratfu脽 B眉rofl盲che der Klasse A und 11.000 Quadratfu脽 Einzelhandelsfl盲che, darunter die Flock Food Hall.
Ready Capital wird die Immobilie in Partnerschaft mit Lincoln Property Company verwalten, die 眉ber 562 Millionen Quadratfu脽 Gewerbefl盲che betreut. Marriott International wird das Hotel und die Residenzen weiterhin unter der Marke The Ritz-Carlton betreiben. Der Erwerb zielt darauf ab, die finanziellen und operativen Ressourcen des Projekts zu st盲rken und die Entwicklung der Innenstadt von Portland zu unterst眉tzen.
- Strategic acquisition of a premium mixed-use property featuring the prestigious Ritz-Carlton brand
- Partnership with Lincoln Property Company brings strong institutional management capabilities
- Project includes diverse revenue streams from hotel, residences, office, and retail spaces
- Continuity of operations maintained with Marriott International managing the Ritz-Carlton components
- Acquisition through deed-in-lieu suggests previous owner's financial difficulties
- Office space leasing and residential sales still need to be completed for full stabilization
- Exposure to downtown Portland market challenges
Insights
Ready Capital's acquisition of Portland's Ritz-Carlton project strengthens portfolio with luxury mixed-use asset, enhancing revenue potential despite potential short-term challenges.
Ready Capital has secured ownership of Block 216 Tower, a premium mixed-use development in downtown Portland through a deed-in-lieu arrangement with the previous owner. This strategic move follows Ready Capital's acquisition of the construction loan during its 2022 merger with Mosaic AG真人官方 Estate Investors.
The asset comprises a 251-key Ritz-Carlton hotel, 132 Ritz-Carlton Residences, 159,000 square feet of Class-A office space, and 11,000 square feet of retail space including the Flock food hall. This represents a significant addition to Ready Capital's portfolio, blending high-end hospitality, luxury residential, premium office, and retail components.
The transaction appears to be a distressed asset acquisition, as the deed-in-lieu structure typically indicates the previous owner faced financial difficulties. Ready Capital has likely converted its loan position into direct ownership, potentially at an advantageous basis compared to development costs.
The partnership with Lincoln Property Company brings substantial management expertise to the project, with Lincoln overseeing a portfolio of 562 million square feet of commercial space nationally. Meanwhile, Marriott International continues managing the Ritz-Carlton branded components, maintaining operational continuity and preserving the asset's luxury positioning.
Portland's downtown market has faced challenges in recent years, with office vacancies elevated and slower recovery compared to other major markets. However, the Ritz-Carlton branding represents a competitive advantage in both the hospitality and residential components. The mixed-use nature provides diversified income streams that can help offset weaknesses in any single sector.
NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (with its affiliates, 鈥淩eady Capital鈥� or the 鈥淐ompany鈥�), a multi-strategy real estate finance company that originates, acquires, finances, and services investor and owner-occupied commercial real estate loans, today announced that it has secured ownership of Block 216 Tower, a mixed-use Project (the 鈥淧roject鈥�) located in downtown Portland, Oregon.
Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic AG真人官方 Estate Investors. The prior owner agreed to a consensual deed-in-lieu arrangement in which Ready Capital assumed ownership and control. All components of the Project will continue to operate business as usual.
The completed Project is comprised of a 251-key Ritz-Carlton hotel, a 132-unit Ritz-Carlton Residences, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space including the Flock food hall.
鈥淩eady Capital understands the importance of such a Project to Portland鈥檚 downtown,鈥� stated Thomas Capasse, Ready Capital鈥檚 Chairman and Chief Executive Officer. 鈥淥ur ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project鈥檚 financial and operational resources.鈥�
In addition to Ready Capital鈥檚 institutional capabilities, Ready Capital will manage the Project in partnership with Lincoln Property Company (鈥淟incoln鈥�). Lincoln鈥檚 combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. Lincoln has a strong Portland presence with an existing 25-person property management team throughout the local market. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand without disruption to their operations.
鈥淏lock 216 represents the most impressive mixed-use experience in the city and is ideally located in the West End, with immediate access to the city鈥檚 best amenities,鈥� stated Travis Drilling, Lincoln鈥檚 Executive Vice President of the Pacific Northwest. 鈥淲e 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.鈥�
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.
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