Historic Downtown Seattle Hotel Changes Hands

By Laura Calugar

Kimpton Palladian Hotel

GEM Real Estate Partners is the new owner of the Kimpton Palladian Hotel, a 97-key property in downtown Seattle. The company acquired the building as a complement to the boutique hotel that it is developing in South Lake Union.

Located at 2000 Second Ave., Kimpton Palladian is close to the metro’s famous Pike Place Market and Space Needle, as well as large employers such as Amazon and Nordstrom. The hotel includes a seafood restaurant, 1,100 square feet of meeting and event space, as well as a bar. Originally built as the Calhoun Hotel in 1910 on the site of the Denny Regrade, the hotel was placed on the National Register of Historic Places in 2013. Two years later, Kimpton Palladian Hotel became a luxury property following an extensive renovation.

“This property aligns perfectly with our strategy of owning long-term assets in Seattle. We are also very excited to partner with Kimpton because they are the preeminent hotel operator, originator of the boutique segment, and have an exceptionally strong presence in Seattle with the Palladian as well as the Alexis, Vintage and Monaco hotels,” said GEM Real Estate Partners Founding Partner Erich Guenther, in a prepared statement.

Kimpton operates hotels in several areas of the country. Recently, Kimpton Hotel Palomar traded for $80 million. DiamondRock Hospitality Co. acquired the boutique hotel this spring.

Image via Google Street View