(EDITOR’S NOTE: According to a statement from GEM Real Estate, the sales price for the 97-room hotel was $42 million, or roughly $433,000 per key.)
Seattle, WA (August 30, 2018) – GEM Real Estate Partners announced today that they have purchased the Kimpton Palladian Hotel (http://www.palladianhotel.com) in Downtown Seattle.
Originally built as the Calhoun Hotel in 1910, it was the first building to be constructed on the site of the Denny Regrade. In 2013, the hotel was placed on the National Register of Historic Places and then in 2015, the Kimpton Palladian Hotel was reinvented with luxe amenities, playful accents, and vintage modern design elements. Located at 2000 2nd Avenue, the hotel’s proximity to Seattle’s world famous Pike Place Market and Space Needle as well as successful local companies such as Amazon and Nordstrom make the hotel a strategic acquisition for GEM Real Estate Partners.
“This property aligns perfectly with our strategy of owning long-term assets in Seattle. The Palladian Hotel will be a great complement to the boutique hotel that we are developing in South Lake Union,” said Erich Guenther, founding partner at GEM Real Estate Partners. “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.”
Under the new ownership of GEM Real Estate Partners, the 97-room boutique property will remain a Kimpton Hotel. The hotel includes the award-winning seafood restaurant Shaker & Spear, featuring celebrated chef Carolynn Spence as well as Pennyroyal –- an old-world bar immersed in rock n’ roll Seattle culture.
About GEM Real Estate Partners
With generational ties and strategic business relationships in Seattle, GEM Real Estate Partners deploys its own balance sheet alongside investors to provide unique access to prime real estate in the Pacific Northwest. Founding partners Erich Guenther, Daniel Ederer, and Collin Madden, have deep expertise in acquiring, repositioning, and developing commercial real estate assets. GEM Real Estate Partners owns and manages commercial properties in thriving Seattle neighborhoods — Downtown, Fremont, South Lake Union, and Belltown. For more information, please visit the company’s Website at www.gempartners.net.