By Oregon Small Business Association Foundation,
From 2010 to 2020, Portland increased the number of hotel rooms by 4,000, but today many of those rooms sit empty as the city and its businesses struggle to return to pre-pandemic levels of commerce, according to the Portland Business Journal. In 2019, the hotel occupancy rate in Portland was 74 percent, well within the 72 percent to 75 percent required for a healthy market. But since the Covid-19 pandemic, businesses have moved out of the downtown area and more people work remotely, curtailing business travel, once a reliable source of hotel occupants. A large loan default against Dossier, a downtown Portland hotel that owes $60 million on a 2015 loan, and upcoming foreclosure sale has increased concerns about the economic health of lodging in the city. Other hotels underwent foreclosure after the Covid-19 pandemic, including the Dunaway Portland and Hilton Portland Downtown.
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