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 proprietà 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 gestirà la proprietà in collaborazione con Lincoln Property Company, che gestisce oltre 562 milioni di piedi quadrati di spazi commerciali. Marriott International continuerà 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, Oregón, 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 gestionará la propiedad en asociación con Lincoln Property Company, que administra más de 562 millones de pies cuadrados de espacio comercial. Marriott International continuará gestionando el hotel y las residencias bajo la marca The Ritz-Carlton. La adquisición busca fortalecer los recursos financieros y operativos del proyecto, apoyando el desarrollo del centro de Portland.
Ready Capital Corporation (NYSE: RC)는 오리건주 포틀랜드 도심에 위치한 고급 복합용도 프로젝트인 Block 216 Tower의 소유권을 전 소유주와의 합의에 따른 권리 이전 계약을 통해 인수했습니다. 이 프로젝트에는 251객실 규모의 리츠칼튼 호텔, 132개의 리츠칼튼 레지던스, 159,000 평방피트의 클래스 A 오피스 공간, 그리고 11,000 평방피트 규모의 Flock 푸드홀을 포함한 소매 공간이 포함되어 있습니다.
Ready Capital은 5억 6,200만 평방피트 이상의 상업 공간을 관리하는 Lincoln Property Company와 협력하여 이 부동산을 관리할 예정입니다. Marriott International은 리츠칼튼 브랜드로 호텔과 레지던스 관리를 계속 담당합니다. 이번 인수는 프로젝트의 재정 및 운영 자원을 강화하고 포틀랜드 도심 개발을 지원하는 것을 목표로 합니다.
Ready Capital Corporation (NYSE: RC) a acquis la propriété du Block 216 Tower, un prestigieux projet à usage mixte situé au centre-ville de Portland, Oregon, via un accord amiable de cession en lieu et place avec le propriétaire précédent. Le projet comprend un hôtel Ritz-Carlton de 251 chambres, 132 résidences Ritz-Carlton, 159 000 pieds carrés d'espaces de bureaux de classe A et 11 000 pieds carrés d'espaces commerciaux, dont la halle alimentaire Flock.
Ready Capital gérera la propriété en partenariat avec Lincoln Property Company, qui administre plus de 562 millions de pieds carrés d'espaces commerciaux. Marriott International continuera à gérer l'hôtel et les résidences sous la marque The Ritz-Carlton. Cette acquisition vise à renforcer les ressources financières et opérationnelles du projet tout en soutenant le développement 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 Quadratfuß Bürofläche der Klasse A und 11.000 Quadratfuß Einzelhandelsfläche, darunter die Flock Food Hall.
Ready Capital wird die Immobilie in Partnerschaft mit Lincoln Property Company verwalten, die über 562 Millionen Quadratfuß Gewerbefläche 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 stärken und die Entwicklung der Innenstadt von Portland zu unterstützen.
- 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 Real 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, “Ready Capital” or the “Company”), 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 “Project”) located in downtown Portland, Oregon.
Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic Real 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.
“Ready Capital understands the importance of such a Project to Portland’s downtown,” stated Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project’s financial and operational resources.”
In addition to Ready Capital’s institutional capabilities, Ready Capital will manage the Project in partnership with Lincoln Property Company (“Lincoln”). Lincoln’s 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.
“Block 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’s best amenities,” stated Travis Drilling, Lincoln’s Executive Vice President of the Pacific Northwest. “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.”
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.
Contact
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