Seattle-based real estate firm GEM Real Estate Partners has recently completed the sale of the Kimpton Palladian Hotel in downtown Seattle for $36 million. This price represents a 14% decrease from the original purchase price of $42 million back in 2018, as reported by Puget Sound Business Journal. The property is a charming boutique hotel with 97 rooms, located at 2000 Second Ave and surrounded by popular attractions such as the waterfront, sports stadiums, and Space Needle.
The buyer of this historic hotel was TGH Palladian LP. Originally built in 1910 and situated in Seattle’s Belltown neighborhood, Kimpton Palladian Hotel underwent redevelopment into apartments during the 1980s before being transformed into a boutique hotel under the renowned Kimpton brand through a $26 million restoration project led by previous owners in 2013.
This news was first reported on Connect CRE.
