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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


Suggested Articles

The company's revenues declined from $560 million in the third quarter of 2019 to $337 million in the third quarter of 2020.

The CEOs of the AHLA, AAHOA and the U.S. Travel Association spoke about the ongoing need for federal support at Best Western's Virtual Convention.

Keynote speaker John Picard offers the hospitality and technology industries a new way forward out of the chaos.