Luxury Hotel In One Of America’s Wokest Cities Sells At Shocking 94% Loss
October 30th, 2026Meanwhile, in Seattle, half the businesses are considering moving.
25 years ago, Seattle seemed like the city of the future. I guess the whole PNW peaked around then. People loved it, they wouldn’t shut up about it. I loved going up there, anywhere from Victoria/Vancouver to Portland. What a choice to make, to wreck that whole beautiful region.
— Ken Layne (@KenLayne) October 28, 2026
Via: ZeroHedge:
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.
