The Hotel 1000 in downtown Seattle has a new owner less than two years after a previous sale that set a record price.
The Hotel 1000 in downtown Seattle has a new owner less than two years after a previous sale that set a record price.
Loews Hotels & Resorts snapped up the 120-room hotel at 1000 First Ave. for an undisclosed amount, making it the firm’s first Seattle property.
The sellers in the deal were Thayer Lodging Group, a subsidiary of Canadian investment giant Brookfield Asset Management, and Portland-based Provenance Hotels. That partnership reportedly paid $63 million, or about $525,000 a room, according to The Wall Street Journal, which at the time was the highest per room price ever paid in Seattle.
“Seattle has been a target destination for us as we expand our brands into major U.S. markets,” said Jonathan Tisch, Loews’ chairman. “Hotel 1000 has an ideal location, stellar reputation and a quality product.”
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The deal is expected to close Thursday. The seller declined to release the price, but Chris Burdett, a CBRE broker specializing in hotel deals, said the sale will set another record.
Tisch said Seattle is an attractive market for Loews because of its rapid job growth and expanding economy. The Hotel 1000 offered both a great location and the quality the firm was seeking.
“The lodging industry has been strong nationally and that translates to a vibrant market like Seattle,” Tisch said.
Loews plans to rename the hotel as the Loews Regency Seattle in 2017 after a multimillion-dollar renovation.
The hotel is within a few blocks of Seattle’s waterfront, Pike Place Market and the Seattle Art Museum. The hotel also houses 6,000 square feet of meeting space, BOKA Restaurant & Bar, The Spaahh and a golf simulator.
The 24-story building contains 10 floors of condominiums on the top floors with the hotel rooms on the bottom. Longtime Seattle housing developer Murray Franklyn developed the property, which opened in 2006.
The New York-based company has been on a growth spurt adding nine properties, including Hotel 1000, to its portfolio since 2012 bringing its total to 23.