By Kate Snyder
A mixed-use property in Seattle’s South Lake Union neighborhood traded hands for $70 million, or about $371 per square foot, according to public records. The buyer was an entity affiliated with KHP Capital Partners, a real estate firm that focuses on hotels, and the seller was an entity affiliated with HHM, a hospitality firm based in Philadelphia.
The property includes Pan Pacific Seattle, a 153-room hotel, approximately 260 condominiums and retail space anchored by a Whole Foods, according to public records. The hotel is located at 2125 Terry Ave. in Seattle, which is part of the larger three-building complex at 2200 Westlake Ave.
Nearby attractions include the Space Needle, Pike Place Market and Washington State Convention Center, according to the hotel’s website.
The whole site sits on 1.98 acres, according to public records, and was built in 2006. According to the website for 2200 Westlake Condos, the three buildings are the 18-story Aria, which includes the Pan Pacific Hotel, the 12-story Azur and the 15-story Arte.
HHM has 235 hotels and over $1 billion in managed revenues from coast to coast, according to the company’s website. The firm also has offices in Harrisburg, Penn., and New York City.
KHP Capital Partners is based in San Francisco and is dedicated to managing capital on behalf of its principals and limited partners with the goal of creating long term value through targeted investments in hotel real estate, according to the firm’s website. Primarily, the company focuses on “the acquisition of existing full-service hotels that can benefit from enhanced branding and management, renovation and repositioning of hotels in need of capital, and adaptive reuse of buildings suitable for conversion to hotel use.”