Benaroya has no immediate plans to develop the property, which has been partially permitted for an office and residential tower. Benaroya had been seeking tenants for a 377,000-sf mixed-use tower with hotel, retail and office space, but those plans went to the back burner in favor of Sound Transit paying about $1 million annually to lease the site through October 2006 for construction staging related to its light rail work.

The seller of the hotel and the surrounding properties were investment vehicles of BBS Holdings Ltd., a locally based operation owned by its three principals, Melvin Brady, Blake Beyeler and Tom Sasaki. BBS Holdings Ltd. is the holding company for InterPac Development Inc., InterPac Management Inc., BBS Business Services Inc. and BBS International Inc., a real estate development, investment and management company that was the listed taxpayer for the hotel and surrounding properties.

Prior to the Camlin Hotel sale last year, another investment vehicle of BBS Holdings, RiverPlace Associates LLC, sold several assets in Portland's RiverPlace district, including the 84-room RiverPlace Hotel, to Larkspur Hotels LLC of Corte Madera, CA. In addition to the hotel, the acquisition included the 39,000-sf RiverPlace Office Building, the 207-slip RiverPlace Marina, 147 parking spaces and the 20,000 sf Esplanade shopping plaza, which houses McCormick and Schmick's Harborside Restaurant.