SNOQUALMIE, WA-The Muckleshoot Tribe has acquired the Salish Lodge & Spa and 50 acres of adjacent land from a client of Cornerstone Real Estate Advisors for $62.5 million. The 93-key lodge was purchased for $41.9 million and the excess land for $20.6 million. The client is believed to be the Los Angeles County Employees Retirement Association, which controlled the property under the name Gateway Cascades.

The Muckleshoot Tribe has said it has no current plans to ask the U.S. Bureau of Indian Affairs to move the land into federal trust, which would allow it to develop a casino on the property. Given that the Snoqualmie Tribe, which made a bid for the lodge, is developing a casino on Interstate 90, just outside Snoqualmie city limits, the Muckleshoot Tribe’s interest in the land may be to develop additional lodging in support of the casino. In 2004, Cornerstone had the land rezoned for a 250-room hotel, conference center and 110 housing units.

Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels, which brokered the sale, says that is indeed the case. “The Muckleshoot Indian Tribe will have the opportunity to bring the Salish Lodge & Spa to the next level,” Tantleff says. “The additional parcel of land adjacent to the property is one of the key drivers of this deal – it allows for the opportunity to develop additional hotel and residential units, thus taking the property to a whole new level.”

Located 30 miles east of Seattle, the Salish Lodge & Spa is set above Snoqualmie Falls. It has a four-diamond rating and has been recognized in publications such as Condè Nast Traveler, Travel+Leisure, Wine Spectator, and Wine Enthusiast. Columbia Hospitality, which specializes in luxury hotel and resort management, will operate the Salish Lodge for the Tribe under a 20-year management contract.

In addition to the Lodge, the Muckleshoot Tribe owns the Muckleshoot Casino in Auburn, WA; the land beneath the Emerald Downs Racetrack, also in Auburn, and is an equity investor in the Four Seasons Hotel and Residences development in downtown Seattle.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.