While his development site is not on the retail side of the Downtown core, where most hotels have found their success, the intersection is heavily traveled by ferry riders, commuters and sports fans. The site is adjacent the Seattle Mariners baseball stadium, the brand new Seattle Seahawks football stadium and a major exhibition hall that sits in between the two structures.
"We think there will be 250 to 260 nights that there will be activity down there," Weymouth tells GlobeSt.com, adding that the hotel will also be within walking distance of the nightlife in Pioneer Square. "We've always made out well going into a new area."
The 250-room facility, to include an 8,100-sf restaurant and a rooftop lap pool, would max out the 20,000-sf lot, replacing a gas station. The gas station is the southern most property still within the Pioneer Square Historic District, which allows for hotels.
Weymouth says Silver Cloud is still in the process of purchasing the property, which it tied up four months ago with a three-year option. The two individuals who lease the site for the gas station are relinquishing their lease for interest in the hotel, says Weymouth.
A Master Use Permit is likely about six months away. To speed the process, building permits have been applied for concurrently. Financing still must be secured for the project, but if construction begins this time next year, the hotel could be up and running by the spring of 2005.
Silver Cloud now operates 11 inns in the Puget Sound region, and is currently building two others. A 179-room Silver Cloud Inn near Seattle University on Broadway is scheduled to open in summer 2003 and the152-room Silver Cloud Eastgate is slated to open in late 2004 adjacent the Interstate 90 corridor in Bellevue.
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