Quote:
Originally Posted by babs
How is the hotel doing?
The hotel is underperforming, too, Ready Capital said. Its average revenue per available room was $188 in 2024, compared with $343.28, the average for all Ritz-Carlton hotels during the same period.
At $188 a night, it's going to be tough to maintain staffing and amenities required for a 5-star hotel. I hope they figure out a winning formula. Remember the Nines initially as soing $99/night until the economy improved and they built a reputation. Hope the same happens here.
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As someone not in this industry, is it something Marriott could eventually downgrade, say changing to a JW Mariott or W Hotel? Neither of which is in Portland yet either. So the room rates get closer to expectations for the brand.
But with the Ritz brand condos also in the building, that could get complicated.
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