**Lender Takes Over Portland’s Ritz-Carlton Building**
A lender has officially taken control of the prominent downtown Portland building that houses the Ritz-Carlton hotel.
Ready Capital announced it has assumed possession of Block 216, a 35-story mixed-use tower that includes office spaces, residences, and hotel rooms branded under the Ritz-Carlton name. According to reporting from The Oregonian, all components of the building — including the hotel, residential units, and office space — will continue normal operations under the new management.
The move marks a significant development for BPM Real Estate Group, which originally developed Block 216. With this transition, BPM no longer retains control over its two major downtown Portland properties, the other being the Broadway Tower.
Management responsibilities for the property will now be shared between Ready Capital and Lincoln Property Company. Travis Drilling, Executive Vice President for Lincoln Property Company’s Pacific Northwest division, expressed optimism about the partnership and the property’s role in Portland’s future.
“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,” Drilling said.
This change in ownership comes as downtown Portland continues navigating broader economic and real estate challenges, with stakeholders hopeful that high-profile assets like the Ritz-Carlton can support the area’s revitalization.
