A luxury Portland hotel bought for $108 million ten years ago has now sold for just $6.8 million.
The Royal Sonesta hotel was purchased by the Laxmi Hotels Group for $6.83 million as part of an eight-property portfolio purchase, according to the Portland Business Journal.
The sale price was 93 percent less than the $108.3 million paid for the building in downtown Portland a decade ago.
One of the city's most notorious open-air drug markets was located across the road from the hotel until recent renovations by property owners.
The 221-room building currently has rooms available for as low as $145.
As part of the deal, Laxmi Hotels Group also purchased properties in Minneapolis and Charlotte.
The Minneapolis Royal Sonesta suffered a similar fate to its Portland counterpart after it also sold at a 93 percent discount.
For just $5 million, the hoteliers were able to purchase the 360-room facility, according to the St Paul Business Journal.
The Royal Sonesta hotel in downtown Portland, Oregon was purchased by the Laxmi Hotels Group for $6.83 million
The 221-room hotel sale price was 93.7 percent less than the $108.3 million a decade ago
Laxmi CEO Kunal Dave also confirmed the deal to the outlet.
Portland has been dealing with a years-long crime wave and quality-of-life issues since 2020 but has recently managed to see violent offenses decrease from record highs.
Portland was among the cities most eager to defund its police department in the wake of George Floyd's May 2020 murder.
Along with crime, squatting remains a persistent issue in the city.
Portland has more than 12,000 recorded individuals experiencing homelessness, with a 67 percent rise from 2023 to 2025, according to a Homelessness Research and Action Collaborative report carried out by Portland State University.
Squatting is not easily quantifiable on its own, as it can be classified as trespassing, burglary or nuisance property citations.
The state itself lost a net 670 residents to other states between 2020 and 2025, with international immigration driving much of the state's population growth during that period, according to the Oregon Employment Department.
At the time of this report the hotel had rooms available for as low as $145 and as high as $236 for a suite
The city's most notorious open-air drug market was stationed across the street from building until recent renovations by property owners
Last year, the Daily Mail observed a woman repeatedly bashing herself in the head and carrying out acts of self-harm while under the influence in downtown Portland.
Citizen journalist Kevin Dahlgren and other locals told the Daily Mail that the middle-aged woman is regularly accosted by a group of unknown men.
They said she is usually taken to a nearby motel or apartment, where she is forced to shower before being subjected to horrific sexual assaults.
Portland residents, specifically those in the Old Town area of the city who know the woman, said the group attacks can go on for days before she is dumped back on the streets.
Dahlgren said he fears the woman is also battling severe drug issues.
The Daily Mail also observed a man inhaling a bubbling substance from a scrap piece of aluminum. He said he was homeless after losing his job.
Law enforcement agents say that the streets of Portland are full of homeless addicts openly buying and selling drugs
An abused woman is seen here in a video of her beating her head with her hands. She also beat the side of her head until it was left with a bald spot, which is visible here
Another person broke into a vehicle, smashing the window, before being arrested.
'Crime out here is just really common, this is extremely common – you can usually hear the smashes, the police don't care – they're not going to stop them,' Dahlgren told the Daily Mail.
