KSL Capital Partners Acquires Luxury Hotel Portfolio from Davenport Hotels in Spokane, WA

USA, Spokane, Washington. January 06, 2022

KSL Capital Partners, LLC (KSL) announced a definitive agreement under which an affiliate will acquire the privately held Davenport Hotels from Walt and Karen Worthy, who assembled the portfolio of the five top luxury, convention, business and leisure hotels in Spokane, WA over the past two decades. Terms of the off-market transaction will not be disclosed. The transaction is expected to close within the next 30 days.

Upon completion of the sale, Davenport Hotels will continue to build on the legacy established by the Worthys, who plan to retire, and operate under the continued leadership of Lynnelle Caudill, managing director of Davenport Hotels since 2002. Davidson Hospitality Group, one of the nation's leading full-service hospitality management companies will manage the properties in partnership with Caudill and her team.

"What an honor and a privilege it has been for Karen and me to serve as stewards of Davenport Hotels for the last two decades. It has been our pride and joy to see how many lives have been touched by the restoration and expansion of Davenport Hotels," said Walt Worthy. "The time has come to transfer ownership to new hands. KSL has the depth of expertise and capabilities to provide exceptional service as they have owned and operated some of the most prestigious hotels in the world, and we couldn't be happier that they will continue to preserve the history and heritage of Davenport Hotels here in Spokane."

"As a company whose primary focus is to invest in travel and leisure properties, we understand the importance of hotels to their local community," said Michael Mohapp, principal, KSL Capital Partners. "The Worthys have built Davenport Hotels from a single hotel with the restoration of The Historic Davenport to a portfolio of Spokane's highest quality hotels, and we are privileged to be part of the next chapter of these properties to ensure they continue to flourish."

Davenport Hotels includes The Historic Davenport, an iconic landmark originally built in 1914 which was the most modern hotel in the United States when it opened. It was the first hotel with air conditioning, ice cold drinking water piped to each guest room, a central vacuum system, housekeeping carts and accordion ballroom doors. After it was shut down in 1985 and narrowly escaped demolition, the Worthys purchased the property and completed a full restoration to the hotel, reopening in 2002. The Historic Davenport has since earned a listing on the National Register of Historic Places.

After preserving the history and heritage of The Historic Davenport, the Worthys expanded the portfolio through acquisition and development of The Davenport Tower, The Davenport Lusso, The Centennial and The Davenport Grand Hotel. The properties combine to form an elegant union of new and historic hotels located in the heart of downtown Spokane. Together, the full-service hotels range from boutique to full-size, classic to contemporary, offering a total of 1,787 guest rooms. Each hotel has a strong identity, and offers upscale amenities, including some of the best dining options in the area. The centrally located hotels are in close proximity to the Spokane Convention Center, which is anchored by the 716-room Davenport Grand Hotel; Podium Sportsplex; the new Spokane Stadium scheduled to open in 2022; a curated mix of local and national shops, restaurants, and entertainment; as well as wineries, breweries and distilleries.

"KSL's proven success in investing in and elevating legacy properties will ensure that we continue to provide Davenport guests with the same high-quality experience established during the Worthy's ownership," said Pete Sams, chief operating officer, Davidson Hospitality Group. "Under our management, we look forward to even further enhancing the properties' service offerings, continuing to engage the local community and strengthening the brand to attract even more visitors to Spokane."

KSL owns through its affiliates some of the most prestigious destinations in the world and has successfully taken on stewardship of several iconic heritage properties such as Grand Hotel on Mackinac Island, MI, La Costa Resort and Spa in Carlsbad, CA and The Homestead in Hot Springs, VA, in addition to The Historic Davenport.

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