Not only is the commercial real estate market facing a historic downturn in Portland, now hospitality businesses are having trouble too. Especially those owned by holdings companies behind many famous names.
Sortis Holdings bought up a number of famous top-flight Portland hospitality businesses and restaurants on a diet of low margins and low interest rates as they faltered during the pandemic. However, all is not well. They have been the target of at least 4 lawsuits by unpaid creditors, employees, contractors and partners since September. They recently failed at an attempt to acquire Ace Group International hotels and are currently facing many suits on unpaid bills.
Which Portland ‘local’ businesses do they own? Bamboo Sushi, Blue Star Donuts, Ava Gene’s, Tusk, Sizzle Pie pizza, the Ace Hotel, Rudy’s Barbershops, and Water Avenue Coffee to name just a few.