08:32 AM EDT, 07/22/2025 (MT Newswires) -- Ready Capital ( RC ) said Tuesday it assumed ownership of the Block 216 Tower in Portland through a deed-in-lieu deal after acquiring the loan during its 2022 merger with Mosaic Real Estate Investors.

The company said the property includes a 251-room Ritz-Carlton hotel, 132 residential units under the same brand, 159,000 square feet of office space, and 11,000 square feet of retail.

Operations at the site will continue without changes, Ready Capital ( RC ) said.

The company said it will manage the property in partnership with Lincoln Property Company, while Marriott International will remain operator of the hotel and residences.