The latest deal means Vulcan has now sold its full development project at the corner of Denny Way and Westlake Avenue for $144 million.
Vulcan has unloaded the luxury Pan Pacific Hotel for $79 million, its latest sell-off in South Lake Union.
Paul Allen’s development firm built the 153-room hotel, which is part of a condo, retail and Whole Foods complex, at the prominent corner of Denny Way and Westlake Avenue, in 2006 at the start of the South Lake Union neighborhood’s transformation. Vulcan sold the other parts of the complex for $65 million a year ago.
The Pan Pacific, which features a patio bar and luxury amenities that include ice cream for dogs, was bought by Hersha Hospitality Trust, a Philadelphia-based firm that operates hotels in other urban locations on both coasts. In announcing the sale Wednesday, Hersha noted that South Lake Union was booming, headlined by Amazon, which is on track to have about 12 million square feet of offices in the neighborhood.
The new owner says it plans to update the food and drink menus at the hotel.
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Vulcan has been selling off many of the 6.3 million square feet of buildings it has developed over the last decade and a half in South Lake Union. Ada Healey, the company’s vice president of real estate, said in a statement that the Pan Pacific was one of Vulcan’s “most pioneering projects” and “helped put South Lake Union on the map.”
Pan Pacific was covered in a large white sheet at times over the last couple years for repairs over a constructions-defect lawsuit filed by condo owners in the plaza. The building is now uncovered.