Mortgage Banking

Making sense of commercial real estate finance.

If you build it, they will come (and spend $275M on conferences)

Posted by Jordan Crouch on October 31, 2007

From an article at MultiHousingNews earlier this month, the Sheraton hotel in downtown Seattle finished their remodel, adding an additional 420 rooms in a new tower. With a total of 1,258 hotel rooms and 75,000 sf of conference space, the hotel is a force to be reckoned with. It also helps that the hotel is across the street from the WA State Convention Center, the largest conference facility in Seattle.

The Seattle Sheraton, which is owned by the Starwood Hotels and Resorts, spent $175M on the remodel and have already booked $275M in convention business. Someone who recently stayed there told me it costs more stay in the new tower, but that the remodel was well done. I have walked through the lobby and even attended a few meetings in the rehabbed banquet facility and it is top notch. overall, I’m just happy the construction is done since my office window faces the hotel.

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