Hersha Acquires Seattle Hotel for $79M
- Feb 24, 2017
Seattle—Hersha Hospitality Trust announced the acquisition of the Pan Pacific Hotel in Seattle for $79 million. Hersha Hospitality Management will operate the hotel as an independent property.
The Pan Pacific is part of the 2200 Westlake mixed-use project developed by Vulcan Inc. in 2006. Located at the corner of Denny Way and Westlake Avenue, the 153-key property offers a three-meal restaurant; 9,100 square feet of meeting space; an outdoor veranda; a fitness center with an indoor whirpool spa, locker rooms and sauna; a 24-hour business center and 60 parking spaces. The hotel is within walking distance of attractions such as The Space Needle, The Museum of Pop Culture and Chihuly Garden and Glass.
“The Pan Pacific Hotel was one of our most pioneering projects,” said Ada Healey, vice president of Real Estate at Vulcan Inc., in prepared remarks. “It helped put South Lake Union on the map and was a key asset that helped attract numerous tenants and investment to the neighborhood.”
Image courtesy of Pan Pacific Hotel