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Seattle & Northwest  + Seattle  + Hospitality  |  November 15, 2024
Jasmine Kilman
By: Jasmine Kilman

GEM Real Estate Partners Sells Downtown Seattle Hotel for $36M

Seattle real estate firm GEM Real Estate Partners has sold the Kimpton Palladian Hotel in downtown Seattle for $36 million.

The price represents a 14% drop from the $42 million that GEM paid for the hotel in 2018, reported the Puget Sound Business Journal. The property is a 97-room historic boutique hotel at 2000 Second Ave., surrounded by the waterfront, the city’s sports stadiums, and the Space Needle.

The buyer was TGH Palladian LP. Located in a 1910 building in Seattle’s historic Belltown, Kimpton Palladian Hotel is a nine-story property that was redeveloped in the 1980s as apartments. In 2013, previous owners undertook a $26 million project to restore the property as a boutique hotel under the Kimpton brand.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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