Hayden Laverty
@HaydenLaverty
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Following
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Developer of Boutique Apartment Hotels | 164 | Ecclesiastes 3:1-15
Portland, OR
Joined August 2009
Don't wanna be here?
Send us removal request.
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Pinned Tweet
"For no matter what we achieve, if we don't spend the vast majority of our time with people we love, we cannot possibly have a great life."
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How do we feel about this vanity in the project we are wrapping up?
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In the 1990s, when Marriott faced near-bankruptcy, they approached Coca-Cola, a long-time vendor. Despite surviving the worst, they were still slightly short on cash and sought a loan. Coca-Cola declined. However, the Pepsi CEO got wind of the situation, offered assistance, and
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Do we believe in Efficient Market Hypothesis?
Listed $850k
Offer $760k - Seller Rejects
Seller fires agent
New agent lists $760k
Seller accepts $700k
Here are the results after a 90 day renovation!
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Sometimes you just get lucky. Like when your neighbor insists on selling you their property for $150k below market value. A little TLC and here’s the result.
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Added quite a few new followers since this was last posted so re-introduction:
I develop and operate boutique apartment-hotels in Portland, OR. Mostly value-add projects. A few new construction.
~$45M AUM
If anyone has questions fire away!
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Is real estate the only business where you pay the same price for the best agent (service) as you do the worst? How does that make any sense?
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Progress update on our new construction townhome project:
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Its pretty amazing that you can now concept new construction with Bing Image Creator. I have no doubt we will see AI disrupting architecture & engineering in the near future.
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Just wrapped up our first flip. A historical 1917 Colonial Revival-style home architect Morris Whitehouse designed for retail entrepreneur Julius Lippitt. Lippitt was 16 when he arrived in the U.S. Over time, he acquired general stores and served as the mayor of Colfax.
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Ask me anything related to design, construction, underwriting, accounting, taxes, etc for STRs / Apartment Hotels
I’ll answer in either a direct response or a separate tweet/thread.
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I am very excited about this handmade terracotta tile we are using on our current project.
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Here’s a sneak peak of the final product
How do we feel about this vanity in the project we are wrapping up?
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How to identify a multi-family (2-4 unit) property where you can live for free using Airbnb 🧵
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Receiving the professional photographs for a recently finished project has to be one of my favorite parts of RE.
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Our short-term rental company focused on apartment hotels just reached our first $1M gross booking revenue month! Grateful for our exceptional team’s dedication and looking forward to continued growth and success in providing top-notch hospitality experiences.
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Recently moved out of my second “owner-occupied” house hack duplex. Here are the results!
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Following
@moseskagan
lead.
Most new followers I’ve ever had after the professional photo post, so I’ll do a brief introduction.
I develop boutique apartment-hotels in Portland, OR.
~$35MM AUM
I’m new to posting content so if anyone has questions or suggestions fire away!
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First draft renderings of our fully entitled townhouse hotel project that should start construction in the next few months!
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A few notable failures so far this year:
We sold the land where we had originally intended to construct an A-frame cabin, generating a modest profit. Nonetheless, due to the Mount Hood market’s significant decline in revenue, this project proved to be more cumbersome than its
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Closed our latest deal this week. $2.225M for 4 Luxury Townhomes. Not our typical deal. Here’s a rundown of why it still made sense:
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I find it extremely interesting how café/bar combinations are so popular in Greece (and presumably other parts of Europe). I’m curious why this trend hasn’t caught on in the United States. Coffee shops often have prime locations and yet they typically underutilize their space in
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STR Tip: Theme your listings! Mid-century, Cabin, Farmhouse, Beach, Industrial, Boho, Art Deco, Scandinavian, etc. there’s a tasteful and corny way to do this but when it’s done right it will give a massive boost to your listing. My personal favorite or Mid-Century remodel. 🤖
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Finally wrapping up our 8-unit full-gut renovation I tweeted about months ago. More photos and lessons to come in the following weeks.
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Blown away by these incredible photos provided at no cost by a guest.
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Our goal is to create interiors that stand the test of time, blend classic and trendy elements, and are both functional and durable. I understand that STR may be the only viable option in some markets, but we strive to create spaces that are equally perfect for long-term rentals
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Inlaid floors are a beautiful feature from the past. It’s amazing to be able to bring them back to life.
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Added quite a few new followers since this was last posted. Thanks
@moseskagan
@imrichardfertig
I develop and operate boutique apartment-hotels in Portland, OR. Mostly value-add projects. A few new construction.
~$45M AUM
If anyone has questions fire away!
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𝐓𝐡𝐞 𝐈𝐫𝐫𝐞𝐩𝐥𝐚𝐜𝐞𝐚𝐛𝐥𝐞 𝐕𝐚𝐥𝐮𝐞 𝐨𝐟 𝐋𝐢𝐯𝐢𝐧𝐠 𝐂𝐥𝐨𝐬𝐞 𝐭𝐨 𝐅𝐚𝐦𝐢𝐥𝐲 𝐚𝐧𝐝 𝐅𝐫𝐢𝐞𝐧𝐝𝐬
In a world often consumed by career aspirations and financial pursuits, it's easy to overlook the profound importance of being close to our loved ones. Family and
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Which unit outperforms by 20% and why? Same building, same floor-plan, same host, same listing description. (Top or Bottom)
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Fun fact: In 1938, during a cholera outbreak in Mykonos, Greece, the government mandated whitewashing all houses. Why? The whitewash contained limestone, a potent disinfectant. Paint as a weapon against disease!
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Fun Fact: Developed by John Gray, Sunriver, OR was a visionary 20-year plan aiming to “blend into the environment without insult.” It features village clusters, housing around 5,000 people. Preserving natural areas for common enjoyment, joined by 12 miles of eco-friendly paths.
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If you run a small business, I highly recommend reaching out to your local university to see if there are any master's or PhD students who need businesses to partner with for school projects. If selected, we will be getting 400 hours of service from four data science PhD students
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Our latest project, The Reinhart Home in Goose Hollow, is now live. A stunning 1907 Craftsman with historic charm and modern updates. Featured on the 2024 Street of Dreams Home Tour.
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Added quite a few new followers since this was last posted. Thanks
@RyanDanz
I develop and operate boutique apartment-hotels in Portland, OR. Mostly value-add projects. A few new construction.
~$45M AUM
If anyone has questions fire away!
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Exciting update on our first tiny house project! The landscaping makeover is now complete, and we couldn’t be happier with the results.
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How did I successfully persuade our local credit union to depart from their policy of exclusively providing amortizing loans and create an entirely new loan product for us?
I sent them a screenshot from this
@moseskagan
thread.
1/ Why I despise amortizing loans:
Unlike interest, which is tax deductible, there is no tax shield on amortization payments. So you & you investors pay tax on $$ that you don't even get (bc you have to give it to the bank).
(continued)
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My business partner invited back a guest who generously provided free photos of their farm-stay short-term rental. In exchange for a free night, he took drone shots, live-action photos, and more. 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐧 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐟𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐢𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐧𝐢𝐠𝐡𝐭𝐬
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Why I love tiny houses on wheels as investments and if your local zoning laws allow them you should be taking advantage. 🧵
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I had a lot of anxiety over this project, but we have it recorded: the first flip is officially completed! Congratulations to the new owners. We are glad they appreciated the time, attention, and detail invested, and we hope they spend many happy years here together.
Just wrapped up our first flip. A historical 1917 Colonial Revival-style home architect Morris Whitehouse designed for retail entrepreneur Julius Lippitt. Lippitt was 16 when he arrived in the U.S. Over time, he acquired general stores and served as the mayor of Colfax.
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In business sometimes 1+1≠2
Recently listed one of our properties jointly (Farmhouse + Tiny House Village) and got a record booking $12,500 for 7 nights. ~200% premium over last year renting individually.
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This is one of the most valuable pieces of content I’ve come across on Twitter in quite a while! Big shoutout to
@isaacfrench_
🤯
Why is it so difficult to build an authentic community around a product or experience?
@isaacfrench_
, the mastermind behind the incredible Live Oak Lake broke down how he was able to hack it.
Isaac will be joining me on the show tomorrow to discuss how he built Live Oak Lake,
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As promised, I’m committed to sharing notable failures every week on Fridays.
This week I faced a situation where I was dissatisfied with one of the exterior designs on a project. In a moment of impatience, I overstepped our designer and sought a second opinion without her
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My perspective on life shifted when I discovered that I could absorb the knowledge distilled by an expert, who may have spent decades researching and refining their understanding of a subject, in just six to twelve hours of reading.
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A few underrated destinations I haven’t seen discussed on ReTwit.
Hood River, OR
White Salmon, WA
Has anyone who isn’t local visited or considered? How was your experience?
@rohindhar
@YieldOnCostSTR
@RyanDanz
@shawngorham
@moseskagan
@khzny
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Portland is not built for the snow. That has to be one of the largest roots I’ve ever seen.
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Just finished repainting and re-furnishing the first rental we ever purchased. Here’s how the deal has performed after 6-years of operating:
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I have a love/hate relationship with old buildings but the result always seems worth it.
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Always review your appraisals in detail for material errors. Last appraisal changed from $565k to $630k. Disputing another appraisal this week with massive material errors. Will provide results when I have them. Here are a few things I lookout for:
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Receiving the professional photographs for a recently finished project has to be one of my favorite parts of RE.
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I will be building something like this in the next 12-months. Love the concept
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Portland, OR
Saturday May 13th, 2023 9:00PM
78°F
The new Ritz-Carlton is beautiful. Major win for the city!
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An excellent manifesto for success as written by J.W. Marriott for his son Bill Marriott:
1.Keep physically fit, mentally, and spiritually strong.
2.Guard your habits - bad ones will destroy you.
3.Pray about every difficult problem.
4.People are No. 1.
5.Decisions - have
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@ThinkAppraiser
It’s crazy how many people can identify an object as an emotion. Hopefully we can find a buyer who likes angry vanities.
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Feeling incredibly grateful to see our latest project featured in both Portland Monthly and The Oregonian! Very much appreciate the recognition and support!
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The STR business is really two businesses:
Real Estate
Hospitality
In order to succeed in the long-run you need to have a strong understanding of both.
You can’t turn a bad RE purchase into a good one w/ STR. Great RE can produce even better asymmetric risk reward using STR
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First Project:
- Contractor went bankrupt (thankfully finished 95% of the job)
- 1-year past original timeline
- $100k over budget
- Covid in first full-year of operation
- 2021 8.9% UYOC
- 2022 10% UYOC
For anyone going through it right now. Stay the course!
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Portland isn't perfect, but it's still pretty great. Here's an example of what they don't show you on the national news.
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One of the most frequently mentioned things at Re-Convene is how amazed people were when they initially discovered the community on Twitter and the exceptional value that people are willing to share. This uniqueness is very likely exclusive to ReTwit. I’d like to express my
The best way to reinforce your knowledge of a subject is to share it.
The best way to master something is to teach it.
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I found this incredibly interesting: IQ is fairly correlated with income but uncorrelated with wealth. What conclusions can we draw from this?
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@davidellebrecht
What's the idea here? Why not have a comprehensive non-alcoholic cocktail selection while also serving alcohol?
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I’m devoted to weekly Friday disclosures of noteworthy failures.
We almost painted one of our properties the worst color I’ve ever seen. Fortunately, we noticed the mistake before the painters removed the masking, so we only had to pay for an additional coat of paint.
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Today, I attended the funeral of the man who guided us through our first 25+ deals. He was an incredible human being and an amazing mentor. He will be deeply missed by many. His parting words of wisdom: “Just be a good person.”
Ed - I hope you’re already playing a round in
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How my team made SuperHost not just once but 16x in the process of hosting 4000+ stays. 🧵
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Our goal is to create interiors that stand the test of time, blend classic and trendy elements, and are both functional and durable. I understand that STR may be the only viable option in some markets, but we strive to create spaces that are equally perfect for long-term rentals
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A Gallery of Cool Projects Spotted on Twitter and Beyond
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Anyone else seen ‘The Established Home’? It’s a bit slow in progression, but the interior design talent is next level.
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𝐒𝐨𝐇𝐨 𝐇𝐨𝐮𝐬𝐞
📍 Portland, OR
The inaugural Pacific Northwest Soho House location will include a restaurant, a two-story gym, a rooftop pool (in the third-rainiest city in the country), steam and sauna rooms, studios, and a music room with a performance space for private
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Where our best employees have come from:
1) Referrals from friends & family
2) Referrals from current employees
3) Someone we notice hustling at their current job
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@constantraise
How I would figure it out: rent out the house with a 3% mortgage and rent a new place to live. I just advised my sister in law to do exactly this. It would cost her $5000 / month after a 20% down payment to buy the house she’s decided to rent for $3000 / month. Rental of current
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It’s my favorite day again! Nothing like finalizing a long project with photos by
@wasimofnazareth
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Highly recommend ‘Unreasonable Hospitality’ by
@wguidara
as the next book you should pick up. Here are a few of the my favorite passages:
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Sometimes I wonder how many great tweets like this are overlooked because the algo doesn’t favor replies. High quality content.
@SultanofStorage
One of the key benefits of having an existing portfolio is that you can use the data derived therefrom to spot mis-pricings on public markets.
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L’Angolo Estate
📍Newberg, OR
Twenty-four acres sloping eastward on the north side of Oregon’s Dundee Hills. At the site of a long-abandoned nut orchard, the owners planted their favorite clones of Pinot Noir and Chardonnay and built a winery and beautiful tasting room.
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As a proud resident of Portland, I’m glad to hear that you had such a positive impression! It’s disheartening when the negative narrative overshadows the truth. Portland is a captivating city, offering walkability, friendly inhabitants, a vibrant cultural ambiance, and a
Just left Portland after my first visit, and I have to say I don’t understand at all the frequent negative narrative around it. My family explored extensively and experienced a beautiful, walkable city with friendly people, culture and amazing food. I can’t wait to return.
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@abakermont
@moseskagan
and it’s an easy decision. Beautiful product, conservative underwriting, and honest. It’s clear to me that he’s always trying to be a better person than he was the day before.
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Just crossed the 1,000 follower mark! Thank you
@seandsweeney
@bobbyfijan
@jkostecki_rei
for the shout outs along the way. Thank you
@moseskagan
@realEstateTrent
@somehotelguy
and others for inspiring me to post more content! I’ll be sending out a re-introduction shortly!
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One of the fundamental problems with short-term rental investing in vacation destination markets is that there will always be a large pool of competition that isn’t primarily motivated by financial gain. Recently, someone contacted us to inquire about property management. After
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Here's the first sample of the direct booking QR signs that we will be adding to our units.
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Here is a list of my favorite books for those who are interested.
Anyone have reading recommendations? Preferably non-fiction.
@moseskagan
@sweatystartup
@YieldOnCostSTR
@ArtemTepler
@bobbyfijan
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Posts niche RE operator content: 10 likes
Posts pictures of old appliance: 80 likes
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The Ultimate House Hack: Finding Multi-Family Properties That Let You Live Rent-Free:
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Scaling SuperHost: How Our Team Has Achieved 40 SuperHost Accounts and Hosted 15000+ Stays
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@CarolWalshReal1
A lot of feedback that it doesn’t match the floor. I agree.
None of this is my call so not personal at all.
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One of my favorite houses I’ve seen for sale in Portland in a while! This five-bedroom mid-century modern home boasts stunning views and a massive deck, perfect for entertaining.
Listed at $1.445M.
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Added quite a few new followers since this was last posted so re-introduction:
I develop boutique apartment-hotels in Portland, OR and I am currently venturing into the glamping space.
~$35MM AUM
I still feel new to posting content so if anyone has questions fire away!
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*NOT A CPA*
One of the most underrated advantages of operating apartment hotels. 100% Bonus depreciation on improvements, which means the costs of our most recent renovation are very friendly to our tax liability.
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Where are we spending too much money at this property?
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2022 Results:
$730k Total Capital
$160k Equity
$120k Gross Income
$68k NOI (9.3% UYoC)
$36k Cash Flow (22.5%)
Sometimes you just get lucky. Like when your neighbor insists on selling you their property for $150k below market value. A little TLC and here’s the result.
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𝐓𝐡𝐞 𝐂𝐚𝐬𝐜𝐚𝐝𝐚 𝐇𝐨𝐭𝐞𝐥
📍Portland, OR
A 104 room five-star ‘hot spring’ hotel with five pools of different temperatures, Dry Sauna, Steam Room, Ice Fountain and HaloTherapy (Salt).
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