Seattle Partnership Acquires Pacific Plaza
SEATTLE, WA, August 4, 2005. Executive Hotel Seattle, a Seattle based partnership led by the Executive Group, announced that they have acquired the historic Pacific Plaza Hotel located at 4th Ave. and Spring St. in downtown Seattle. Long term management of the 160-room property has been awarded to Vancouver, B.C. based Executive Hotels & Resorts. Executive will immediately commence a major renovation of the hotel's guestrooms and public areas, which in addition to work already completed this year, is anticipated to cost $4.5 million. Upon completion, expected to occur in early 2006, the property will be re-named the Executive Hotel Pacific. The current Seattle's Best Coffee location and popular restaurant Jasmine, currently forming part of the hotel, will be retained and profiled in the new positioning of the hotel.
Salim Sayani, Executive's Chief Executive Officer, stated, "The Pacific Plaza represents an excellent opportunity to renovate and reposition an under performing property back into one of Seattle's premier business hotels. The property will benefit from Executive's brand profile, strong presence in the West Coast market and global distribution network. We look forward to having this hotel take advantage of its very strong location in the heart of Seattle's business district."
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