This year and next, well, that's another issue. "2000 will be better, and 2002 even better still--primarily because of the strength of the group market," says Olson. "The only major hotel scheduled to open this year is the Elliott, and I expect to see a good, stable market that's growing."

The Elliott, a 30-story 900,000-sf luxury hotel with 538 guestrooms and suites, is scheduled to open on or about the first of May. Amenities include 25,000 sf of meeting space and ballrooms along with a 150-seat theater-style facility, 25,000 sf of retail, and a 950-stall garage. The hotel's restaurant is split on three levels and has an 8,000-bottle wine list.

According to the Seattle office of Colliers International, the largest hotel investment deal was the acquisition of West Coast Hotels by Cavanaugh's Hospitality Corp. for $61.4 million. The year's largest multi-asset sale was the $31 million Radisson/Quality Inn transaction by the Port of Seattle, which was made in conjunction with its expansion of the Seattle-Tacoma International Airport. Awarded the distinction of the biggest single-asset transaction was the $11.5 million paid by Starwood for the Meany Tower Hotel in the University of Washington district.