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The Pan Pacific Seattle: sold for $79 M

The American group Hersha Hospitality Trust (a self-advised real estate investment trust in the hospitality sector) has announced the acquisition of the Pan Pacific Hotel in Seattle for 79 million dollars.

The Pan Pacific Hotel in Seattle has been sold for 79 million dollars to Hersha Hospitality Trust, a self-advised real estate investment trust in the hospitality sector. This 153-room hotel is part of the mixed-use project “2,200 Westlake”, located close to the rapidly growing South Lake Union neighborhood.

“Greater Seattle is home to iconic Fortune 500 companies, such as Amazon, Costco, Microsoft and Starbucks, and boasts one of the country’s fastest growing economies […] South Lake Union has become the most desirable neighborhood in Seattle, with transformational office, retail and residential development all adjacent to the hotel,” remarked Jay H. Shah, Hersha’s Chief Executive Officer.

The property is located north of the city center, opposite Amazon Headquarters and close to the Pop Culture Museum. The hotel, which opened in 2006, offers 153 rooms and suites, a restaurant, 2,800 m² of meeting space and a fitness center with spa and sauna.

Hersha Hospitality Trust has a portfolio of 53 luxury hotels in operation and / or under development, with a total of 7,943 rooms in the cities of New York, Washington, D.C., Boston, Philadelphia, Miami and other markets on the west coast of the United States.

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