Hersha Hospitality acquires Pan Pacific Hotel in US
US-based Hersha Hospitality Trust has acquired Pan Pacific Hotel in Seattle, Washington, for $79m.
The 153-room Pan Pacific Hotel is a part of the 2200 Westlake mixed-use project developed by Vulcan Real Estate in 2006.
Hersha Hospitality Trust CEO Jay Shah said: “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.
“The Pan Pacific’s superior location, luxury amenities, and well-appointed meeting space, combined with the submarket’s embedded corporate and leisure demand provide meaningful upside.”
Located at the corner of Denny Way and Westlake Avenue, across the street from Amazon’s global headquarters, at the north end of Seattle’s CBD, Pan Pacific offers a three-meal restaurant, 9,100ft² of meeting space and an outdoor veranda.
Other amenities include a fitness centre with an indoor whirlpool spa, locker rooms and sauna and 60 designated parking spaces.
The hotel’s rooms feature four fixture baths including separate glass showers.
The property is located close to Seattle’s leisure attractions, including The Space Needle, The Museum of Pop Culture and Chihuly Garden and Glass.
Hersha manages two hotels in Seattle and will operate Pan Pacific as an independent property.
The company’s 53 hotels totalling 7,943 rooms are located in New York, Washington, DC, Boston, Philadelphia, Miami and select markets on the West Coast.