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Aspen Group Sells Alexis to LaSalle for $38M

SEATTLE-LaSalle Hotel Properties of Bethesda, MD, acquires the historic 109-room boutique hotel and 19,000 sf of associated retail space from Gordon Sondland's Portland, OR-based Aspen Hotel Group.

By Brian K. Miller | Updated on June 16, 2006

SEATTLE-LaSalle Hotel Properties has paid $38 million for the historic Alexis Hotel, a 109-room boutique property here that comes with 19,000 sf of fully leased street-front retail. The Bethesda, MD-based public company plans to complete a $5-million renovation on the Downtown property that will take about 12 months to complete. The seller is Gordon Sondland and his Portland, OR-based company Aspen Hotel Group. Sondland acquired the Alexis property in 1998 for $1.5 million, according to property records.

LaSalle Hotel Properties is a REIT with interests in 8,500 guest rooms in 29 upscale and luxury full-service hotels, including the University Tower Hotel in Seattle’s University District. Aspen Hotel Group owns about a dozen hotels in Oregon and Washington, including the Roosevelt and Paramount hotels in Seattle and the Westin, Benson and Lucia hotels in Portland.

The Alexis Hotel is located at First Avenue and Madison Street in the CBD. The hotels decorated in European decor with rich fabrics, classic furniture, original artwork and antiques. Features include large guest rooms, an Aveda Salon and Spa, a fitness center, a business center and 2,900 sf of meeting space. Dining options include the Library Bistro and The Bookstore – Bar & Cafe.

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