Defaulted 3 Story 40 Room Hotel with Groundfloor Restaurant/Bar in Downtown Portland
Over 40 Major Employers nearby
Great Walk Score Area of 86
Perfect for Re-Development

15,680 SF Building - 16117 SF Lot - Built in 1962/Renovated 2020
Property is an existing hotel by Best Western in Downtown Portland. The property is currently a budget hotel with on-site parking, however the site is also an excellent redevelopment opportunity. Situated conveniently near the heart of downtown Portland, with convenient access to I-5 and I-405, & in close proximity to the Oregon Health and Sciences University, this location would be ideal for a multi-family housing development project or conversion to micro units along with the bustling downtown area of Portland, which offers a plethora of shopping, dining, and entertainment choices and easy walking distance of downtown Portland’s core.

Original Loan Amount $4,100,000
Interest Rate 8.75%
Default Rate 13.75%
Loan Matured 11/2022
NOD Filed August 2024
ADR at $101 per night
Appraised Value $5,000,000