Pebblebrook Buys Boutique Hotels in Seattle, Portland
- Jul 25, 2012
Pebblebrook Hotel Trust has secured two of the Northwest’s prime boutique properties: The Hotel Vintage Park Seattle and the Hotel Vintage Plaza Portland, which are located in Seattle’s downtown financial center and Portland’s downtown respectively. The REIT paid $63 million for the properties.
The 124-key Hotel Vintage Park Seattle is a full-service property located at 5th Avenue and Spring Street. Its location provides access to both the Downtown business district and convention space and high-end shopping and entertainment. Completed in 1922, the building was converted to a hotel 20 years ago by Kimpton Hotels & Restaurants
Amenities include cherry wood furnishings, 1,000 square feet of meeting space, in-room spa services, a fitness facility and on-site parking structure. Those features earned Vintage Park Seattle a place on Travel + Leisure’s “Best 500 Hotels in the World” in 2011. Pebblebrook also owns another nearby property, the Hotel Monaco Seattle.
The Hotel Vintage Plaza Portland is a 117-key full-service property located at Broadway and Washington in Downtown Portland. Like its counterpart in Seattle, the Portland property is managed by Kimpton. Built in 1894, the Vintage Plaza Portland was most recently renovated four years ago. Its amenities include 4,800 square feet of meeting space, a business center, a fitness center and valet parking. Downtown Portland offers more than 10 million square feet of class A office space, 3,500 residential units, some 800 retail spots and the Oregon Convention Center, the largest facility of its kind in the Northwest.
Average occupancy for the two properties is nearly identical—88 percent for Vintage Park Seattle and 87 percent for Vintage Plaza Portland. Kimpton will continue to manage both hotels.
Photos courtesy of pebblebrookhotels.com