Hersha Hospitality Trust has acquired the 153-room Pan Pacific Hotel in Seattle, WA for $79.0 million or $516,340 per room key. The property was built in 2006 as part of 2200 Westlake, a mixed-use development with 260 luxury condominiums anchored by a new generation Whole Foods. The hotel’s will offer 9,100 square feet of meeting space, an outdoor veranda, a fitness center and 60 designated parking spaces. HHM, which manages two hotels in Seattle, will operate the hotel as an independent property, and is expected to reprogram and elevate the hotel’s food and beverage offering. The mixed use facility was developed by the seller, Seattle-based Vulcan Inc.
“The Pan Pacific Hotel was one of our most pioneering projects,” said Ada M. Healey, Vice President of Real Estate at Vulcan Inc. “It helped put South Lake Union on the map and was a key asset that helped attract numerous tenants and investment to the neighborhood.”
