SEATTLE-Lowe Enterprises based in Los Angeles is acquiring a hotel comprising 297 rooms in downtown Seattle from Red Lion Hotels for $71 million. The hotel on Fifth Avenue between Union and Pike Streets will continue to operate under the Red Lion brand via a franchise deal. The sale is slated for closing in May 31, 2011.
In another hotel deal, Chesapeake Lodging Trust has bought the Homewood Suites Seattle Convention Center, a 195-room hotel on First Hill, for $53 million.For the full story, go to Seattle Times.
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