The Nines Hotel in Portland offers to buy out Portland Development Commission

The Portland Development Commission's board will consider a $11.5-million proposal from owners of The Nines luxury hotel on Wednesday.

PDC chipped in $16.9 million in loans in 2008 to help The Nines project move forward. But since then, PDC received just $1 million from The Nines, and 11 percent interest rates on the loans ballooned the total owed to PDC up to $18.2 million.

Now, the PDC board will consider a proposal that brings in $11.5 million now, leaving $6.7 million on the table. PDC staffers say that total is more than made up for in economic benefits from the addition of the luxury hotel in the city's downtown retail core.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.

Easyhotel said that it would focus on France and Spain as part of its “ambitious strategy” for growth.