SEATTLE-Recognizing the viability of the hospitality market here, developers of the soon-to-be-built SLS Hotel Seattle, located at Fifth and Columbia Downtown, anticipate that the luxury hotel will bring a level of sophistication to the city's accommodations offerings that has yet to be seen. As GlobeSt.com previously reported, the 43-story mixed-use tower is a $400-million construction project resulting from a joint venture between development firm sbe, Stockbridge Capital Group LLC and Daniels Real Estate. It is expected to capitalize on the strengthening local hospitality market while adding another link in the SLS brand chain.
“We've had our eye on Seattle for years, and with the local hospitality market trending in a very positive direction, we're extremely pleased to announce our plans for SLS Hotel Seattle,” said Sam Nazarian, founder, chairman and CEO of sbe, in a prepared statement. “Stockbridge Capital and Daniels Real Estate are leaders in architectural excellence and, along with the legendary designer Philippe Starck, Fifth and Columbia will add yet another chapter to the celebrated legacy of the SLS Hotels brand, while offering a tailored and unique hotel experience for locals and visitors alike.”
SLS Hotel Seattle reinforces the growth of sbe's hotel, restaurant and nightlife brands worldwide, which now include more than 70 properties currently operating or in development. In the last six months, sbe has started SLS hotels in Manhattan and China, as well as the expansion of the Katsuya by Starck restaurant brand across the Middle East. The firm has also recently expanded its Hyde Lounge brand to Miami with locations at SLS Hotel South Beach and inside the Miami Heat's AmericanAirlines Arena.
“Stockbridge and sbe have established a great relationship over the years, as evident by our collaboration on the master planning of SLS Las Vegas,” said Terry Fancher, executive managing director of Stockbridge Capital Group, in the statement. “With Daniels Real Estate joining the partnership, we're able to take SLS Hotel Seattle to the next level with a product that is unparalleled in the market.”
Construction for the Seattle project is expected to begin fourth-quarter of this year, with an anticipated completion date of 2016. In addition to the hotel containing 184 guestroom and suites, which will occupy floors 2 through 15, the tower will also offer class-A office space, 30,000 square feet of food and beverage outlets and more than 20,000 square feet of conference and event space, as well as a spa and fitness areas.
“Fifth and Columbia with SLS Hotel Seattle will raise the bar in Seattle luxury hospitality and class-A real estate development,” said Kevin Daniels, president of Daniels Real Estate, in the statement. “We both have a mission to redefine standards of excellence and innovation.”
Is the bar being raised ever higher for newly built luxury hotels? Give us your opinion in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
