Case Studies: Kimpton Palladian Hotel

Reinventing a 1910 Mariners’ Lodging into One of the Coolest New Urban Hotels in the Country  

 
 

Key Highlights

 

Kimpton Palladian Hotel

2000 2nd Ave
Seattle, WA 98121

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We provided financing for construction of the Palladian Kimpton Hotel - a 97 room boutique hotel in Seattle's Belltown neighborhood.

"The Pacific Northwest has been an integral part of Kimpton's growth story for more than two decades and we look forward to continuing our success in Seattle," said Kimpton CEO and President Mike Depatie.

 
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Client Need

A four-star, 97-room hotel in the Seattle City landmark Palladian Building in downtown Seattle at 2000 Second Avenue.  The property had a very complicated ownership structure that enabled the owner to utilize the available historic tax credits. The ownership contracted with Kimpton Hotels who already had three hotels in Seattle - Hotel Alexis, Vintage Park and Hotel Monaco and wished to open a fourth to provide management and development services.  The ownership went to Erich Guenther of Glacier Real Estate Finance to help with financing for the project.  Erich recommended The Benaroya Company due to our speed and ability to handle the complexities of the loan which would have been problematic for a conventional lender.

 

Solution

Renovation and construction loan.

 
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 Challenges

The renovation and construction loan had to be structured in such a way to preserve the tax credits and ensure the redevelopment complied with all of the historic landmark preservation requirements. 

 

  Results

Recognized as one of the “25 Best New Hotels” by Fodor’s Travel and “The 17 Coolest New Urban Hotels in the Country” by Travel + Leisure, the Palladian beckons today’s tech titans and tastemakers.  Originally established as a mariners lodging in 1910, Kimpton Palladian Hotel has been reinvented with luxe amenities and vintage design elements for trendsetting entrepreneurs of today. Located near the Waterfront and two blocks from Seattle’s world famous Pike Place Market, Kimpton Palladian Hotel features innovative work spaces and eclectic accommodations that capture the gritty elegance of Belltown’s back alley speakeasies, hip wine bars and chic urban boutiques.

 
 
 
 

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