The Portland Development Commission will write off $6.7 million for its investment in The Nines.
The Portland Development Commission will write off $6.7 million for its investment in The Nines.
The city’s economic development agency is considering accepting an $11.5 million offer by an affiliate of Denver-based Sage Hospitality Resources to repay the $18.2 million balance on four loans it took out from the PDC when it converted the upper floors of the former Macy’s/Meier & Frank department store in downtown into an 331-room luxury hotel. The Nines is the fifth-largest hotel in Portland.
Read more at Portland Business Journal
