Hotel boondoggle fails even more (at taxpayer expense)

By Taxpayers Association of Oregon Foundation,

The 83-year-old Ritz-Carlton developer of the ill-fated Block 216 tower in Portland has filed a lawsuit in Multnomah County Circuit Court against his top assistant, Barclay Grayson, accusing him of elder abuse, breach of fiduciary duty, and breach of contract. Walter Bowen said the former senior vice president at BPM Real Estate Group used a signature stamp to sign documents using his name without his knowledge or permission. Many of the offices in Block 216, a 35-story building, remain empty as do the Ritz-Carlton condominiums while the hotel has seen lower occupancy than anticipated. Lender Ready Capital Corp. has foreclosed on the building.