A luxury hotel in downtown Portland has sold for 93.6% less than its previous purchase price, according to the Portland Business Journal.
The 221-room Royal Sonesta hotel, located at 506 S.W. Washington St., was purchased for just $6.83 million by an entity linked to Laxmi Hotels Group.
The property last sold for $108.3 million in 2016, a staggering $101.5 million more than its latest sale price.
The bargain-basement deal was part of a larger eight-property hotel portfolio acquired by Laxmi.
The steep markdown comes as downtown Portland continues to grapple with the fallout from years of rampant drug use, crime and deteriorating street conditions.
The upscale hotel sits diagonally across from the Washington Center building, an area that previously became notorious as one of downtown Portland's most prominent open-air drug markets.
Southwest 4th and Washington in downtown Portland, May 6, 2023 (KOIN)Portland has also long been a hotbed of far-left Antifa activity. During the summer of 2020, rioters repeatedly READ MORE AT SOURCE »
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