Ready Capital takes ownership of Ritz-Carlton Portland project

Ready Capital takes ownership of Ritz-Carlton Portland project

Ready Capital Corporation (NYSE: RC) has secured ownership of Block 216 Tower, a prestigious mixed-use project in downtown Portland, Oregon. The acquisition, announced on July 22, 2025, was facilitated through a consensual deed-in-lieu arrangement with the prior owner [1].

The project, which 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, is now under Ready Capital's management. The company will operate in partnership with Lincoln Property Company, which manages over 562 million square feet of commercial space. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand without disruption to their operations [1].

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

Travis Drilling, Executive Vice President of the Pacific Northwest at Lincoln Property Company, expressed satisfaction with the partnership, stating, "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" [1].

Ready Capital Corporation, headquartered in New York, 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 [1].

References:
[1] https://www.stocktitan.net/news/RC/ready-capital-secures-ownership-of-the-ritz-carlton-portland-uyyuzsux673u.html
[2] https://www.globenewswire.com/news-release/2025/07/22/3119294/0/en/Ready-Capital-Secures-Ownership-of-The-Ritz-Carlton-Portland-Project.html