Seattle's Alexis Hotel slated for $8.5M renovation
The Alexis Hotel in downtown Seattle will undergo an $8.5 million renovation this year, owner LaSalle Hotel Properties disclosed Monday.
LaSalle plans to renovate the hotel's guest rooms and public spaces, the company said in a press release.
The renovation is one of 12 renovation and repositioning projects that Bethesda, Md.-based LaSalle expects to complete in the first and fourth quarters of 2007.
LaSalle (NYSE: LHO) last year bought the Alexis from a group of local investors for $38 million. The hotel, located at 1007 First Ave., is managed by the Kimpton Hotel & Restaurant Group LLC of San Francisco.
LaSalle expects to spend between $120 million and $130 million on capital projects this year, with most of the money going toward the dozen renovations.
The renovations are expected to cut into LaSalle's 2007 operating results, although the company said the projects "are expected to significantly enhance the company's operating performance and earnings growth rate in future years."
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