SEATTLE-Lowe Enterprises Investors has completed the $71 million acquisition of the 297-room Red Lion Hotel on at 1415 Fifth Ave. from Red Lion Hotels Corp. Brad Howe, CEO of LEI, called the deal an "opportunity to acquire a good property in an urban market that we know well."

Howe noted that LEI and its affiliates "have made numerous office, hotel and resort investments in the Pacific Northwest for decades." The Red Lion Hotel, he said, "has an unparalleled Downtown Seattle location and recent renovations to the guest rooms and common areas have upgraded the quality of the property. We will undertake further property renovations and institute new guest, meeting and events programs that will further enhance the value of the property.”

The Red Lion Hotel is in the city's primary business district with abundant nearby amenities, including shopping, dining and entertainment, and major attractions including Pike’s Place Market and the Convention Center. At closing, LEI entered into a franchise agreement with Red Lion Hotels Franchising Inc. to continue to operate the property as a Red Lion hotel, managed by LEI affiliate Destination Hotels & Resorts. Red Lion Hotels Corp. also entered into an affiliation agreement with a subsidiary of Destination Hotels & Resorts to facilitate the cross-promotion of hotels between the companies.