In fact, Portland hotels are already seeing signs of oversupply. Occupancy rates across the Portland market dipped to 69.4 percent in the first half of this year, according to STR. That's a decline of 2.9 percent from 2017. (And that year was already down 1.4 percent from 2016.)
The steep increase in rooms is a testament to the work tourism officials have done to make Portland a destination that entices visitors and hotel investors. But hotels are subject to the same market forces that caused
Oregon cannabis prices to plummet and Portland apartment developers to offer two months'
free rent to prospective tenants.
"Portland has had a good growth spurt over the last couple of years," Cortright says. "But from what I've seen, the market is getting saturated."
