Hersha Hospitality Trust, a real-estate investment trust, has purchased the 153-room Pan Pacific Hotel in Seattle for $79 million.
According to the Seattle Times,
previous owner Vulcan Real Estate, the development firm of Paul Allen, a cofounder of Microsoft, has now sold off all of the elements of the 2200 Westlake mixed-use project, part of the South Lake Union neighborhood.
"The Pan Pacific Hotel was one of our most pioneering projects," Ada M. Healey, vice president of real estate at Vulcan, said in a statement. "It helped put South Lake Union on the map and was a key asset that helped attract numerous tenants and investment to the neighborhood."
Hersha CEO Jay H. Shah is pleased his company is entering the dynamic Seattle market, taking over the brand's only property in the United States. "The Pan Pacific's prominent location as the closest independent lifestyle hotel to Amazon positions the hotel to be the property of choice for the new-economy businesses in the burgeoning South Lake Union submarket," he said. "South Lake Union has become the most desirable neighborhood in Seattle, with transformational office, retail and residential development all adjacent to the hotel... We expect to leverage the expertise garnered at our other independent lifestyle hotels to add to the success of the Pan Pacific."
Aside from being across the street from Amazon's global headquarters, the hotel is near outposts of Facebook, Google, Expedia, Microsoft, the Bill & Melinda Gates Foundation, the Fred Hutchinson Cancer Research Center, the University of Washington School of Medicine and the Allen Institute. The property also is close to the Space Needle, the Museum of Pop Culture, and Chihuly Garden and Glass.
The hotel's amenities include 9,100 square feet of meeting space, an outdoor patio with a view of the Space Needle, and a fitness center with a whirlpool and sauna. HHM plans to rejigger the hotel's food-and-beverage offerings.