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1 Hotel Changes Hands

June 24th, 2008 · 4 Comments

The Seattle Times is reporting that 1 Hotel has changed hands, Developer of stalled 1 Hotel sells out to partner Starwood:

After an eight-year campaign to redevelop a half-block site at Second Avenue and Pine Street, Portland developer Paul Brenneke has sold his interest in the downtown Seattle property to Starwood Capital Group of Greenwich, Conn.

No word on when they’ll start construction. Place your bets in the comments.

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4 responses so far ↓

  • 1 jcricket // Jun 24, 2008 at 2:35 pm

    Can I vote? Are we having a pool?

    I say 2 more years before they start.

  • 2 The MD // Jun 24, 2008 at 4:32 pm

    UGH! I hope not two more years. How much credibility has been lost here on account of Starwood Capital? They were and have been holding the majority interest in the project since well before the brand was announced. Although they now own 100%, they only had to buy a small outstanding percentage, which was Paul Brenneke’s. I think we’re all getting tired of listening about this project as it feels like a dangling carrot - and I’m no rabbit. PULL THE TRIGGER ALREADY AND BUILD THE PLACE, or SHUT UP AND SELL IT! Seattle can support 1 Hotel & Residences, so I really don’t understand all the hesitancy to get on with it.

  • 3 Dan C // Jun 25, 2008 at 6:29 am

    This will never get built.
    Hotel 1 will suffer the same fate as the TechTower/Tower 333 in Bellevue. The hole will sit for a few years, someone will buy it and build an office building…a product that is actually useful, unlike a luxury condotel.

  • 4 jcricket // Jun 26, 2008 at 9:30 am

    I actually hope it gets built as condos or apartments. We might be having a glut right now, but if construction doesn’t start for a year or more, by the time it’s on the market RE might be on the uptick again.

    It seems impossible for construction companies to always produce the “right” amount of buildings - it’s either too many and there’s a glut, or not enough and prices go sky high b/c there’s a shortage.

    So hopefully some deep pocketed developers will just take a breather, but then start again before it’s “too late”.

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