April 4, 2017

Alexis Hotel block has sold for $71.6M

Image by Kimpton Hotels & Restaurants [enlarge]

The buyer was HPT IHG-2 Properties Trust, an entity of Boston-based Hospitality Properties Trust.

The landmarked Alexis Hotel block at 1007 First Ave. has sold for $71.6 million.

The seller was an LLC associated with LaSalle Hotel Properties, which acquired the property in 2006 for $37.8 million.

(Update: King County recorded the sale price of $62.3 million, which the DJC first reported. A subsequent press release from LaSalle stated the higher price. Queries to LaSalle are pending.)

The buyer was HPT IHG-2 Properties Trust, an entity of Boston-based Hospitality Properties Trust. That $5 billion REIT is part of a $25 billion group of companies run by real estate investor Barry Portnoy.

Located on First between Spring and Madison streets, the 26,600-square-foot property is bounded by Post Alley on the west. The Alexis comprises three buildings developed between 1900 and 1904. They range in height from four to six stories, and together have 121 guest rooms.

They were developed by James Clise, of the local real estate family, and were originally called the Globe Building, Beebe Building and Hotel Cecil. The architect for all three structures was Max Umbrecht.

The joined buildings were landmarked in 1983 and placed on the National Register of Historic Places.

The 1982 renovation was by Cornerstone, a joint venture between Weyerhaeuser and Portland General Corp., which was led by the late Paul Schell, before he was elected mayor of Seattle.

The Alexis is currently managed by Kimpton Hotels & Restaurants, which will continue to manage it.

Retail tenants include The North Face, Bookstore Bar & Cafe and Storyville Coffee.

Brokers weren't announced.