Ready Capital Acquires Ownership of Block 216 Tower in Downtown Portland

Ready Capital has acquired Block 216 Tower in downtown Portland, Oregon, featuring a 251-key Ritz-Carlton hotel, 132 residences, and 159,000 sq ft of office space. The company will manage the property with Lincoln Property Company and Marriott International, aiming to revitalize the space and contribute to Portland's urban resurgence.

Ready Capital Corporation (NYSE: RC) has acquired ownership of Block 216 Tower, a prestigious mixed-use project located in downtown Portland, Oregon. The acquisition, announced on July 22, 2025, includes 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 [1].

The acquisition was facilitated through a consensual deed-in-lieu arrangement with the prior owner. Ready Capital will manage the property in partnership with Lincoln Property Company, which oversees over 562 million square feet of commercial space. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand [1].

Thomas Capasse, Chairman and CEO of Ready Capital, emphasized the significance of the project for Portland's downtown development. "Our ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project’s financial and operational resources," he stated [1].

Travis Drilling, Executive Vice President of Lincoln Property Company's Pacific Northwest division, expressed enthusiasm about the partnership. "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. 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," he said [1].

The acquisition is part of Ready Capital's strategy to originate, acquire, finance, and service commercial real estate loans. The company aims to revitalize the space and contribute to Portland's urban resurgence [1].

References:
[1] https://www.stocktitan.net/news/RC/ready-capital-secures-ownership-of-the-ritz-carlton-portland-uyyuzsux673u.html