SBE Entertainment Group has announced that it is rolling out its SLS hotel brand in Seattle. The Corporation is teaming up with Stockbridge Capital Group and Daniel Real Estate to put a 184-room luxury hotel in Daniels’ $400 million, 43-story mixed-use tower.
Philippe Starck will design the hotel interior
The new building will be constructed at Fifth and Columbia in downtown Seattle. SLS Hotel Seattle will be situated on the second to fifteenth floors. Thirty thousand sq ft is dedicated to food and beverage outlets, and a further 20,000 sq ft will be used for conference and event space.
The hotel will also offer a spa and fitness facility. The tower will also feature 528,000 sq ft of Class A office space.
Construction on the project will start in the fourth quarter of 2013. The building is scheduled for completion in 2016.
Philippe Starck has been selected to design the hotel spaces and award-winning chef and the culinary director at SLS Hotels, Jose Andres, will take charge of developing the food and beverage concepts for the new leisure property.
Daniels and Stockbridge bought the site for the new building in 2008 and sought city approval for construction. They put their plans for development on hold due to the financial crisis but now that economic conditions in the city have improved and the hotel market is improving, the developers have decided to move forward with the project.
According to the Kidder Mathews Real Estate Market Review for the 2nd quarter 2012, hotel occupancy rates in Seattle have recovered to their pre-recession rates. This is good news for the developers, who will be encouraged by the following statement:
“The recovery has been most rapid for upscale hotels in and near Seattle, where occupancy rates are at or near stabilized levels. With improved performance and a loosening of credit restrictions, there is renewed interest in hotel acquisition and development.”
The report went on to note that the average cost per room in Seattle increased by 7.7 per cent to $197.00 per night from $183.00 the previous year.
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