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June 24, 2021

New owners announce refresh for Hotel 1000

Vulcan Real Estate

Photo by Brian Miller [enlarge]
The hotel will get a new lobby bar, among other improvements.

As the DJC first reported earlier this month, the Hotel 1000 sold for over $52.2 million to a new ownership group led by Lighthouse Investments of Los Angeles. Now the owners have announced some changes for the hotel at 1000 First Ave., on the corner of Madison Street. (The separately owned individual condominiums above won't be affected.)

Lighthouse, ESI Ventures and Kildare Partners say the 120-room hotel will be managed by Evolution Hospitality. Past owner Loews Hotels served as its own manager from 2016 until selling for a roughly 37% loss. Evolution plans improvements and updates to the spa, golf simulator and bathrooms. A new lobby lounge bar is also planned, but All Water Seafood and Oyster Bar will remain. The last renovation was three years ago.

For now, no name change is indicated for what the owners now call a luxury boutique property.

The 10-year-old Evolution has, since 2015, been owned by Aimbridge Hospitality. It's based in San Clemente, California, and manages for brands including Hyatt House, Holiday Inn, Double and Tree Suites by Hilton — most of those being in California. In our market, it manages the Homewood Suites by Hilton near the convention center.

Dallas-based Aimbridge two years ago merged with Interstate Hotels & Resorts; the combined entity now has a portfolio of 1,500 hotels in 49 states and 20 countries. The privately held company is backed by various private equity firms. Aimbridge calls itself the world's largest third-party operator of hotels.

Lighthouse converted the old former Gatewood apartment building near Pike Place Market into the boutique Palihotel, which opened in 2018. Los Angeles-based ESI appears to be a family office investment firm. Kildare, of London, recently launched a $2 billion fund to invest in distressed in Europe

The Hotel 1000 opened in 2006, along with the Madison Tower condominiums, which occupy the upper floors of the 24-story building.


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.

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