US: Sam Nazarian’s boutique brand to open its fifth property in 2016, in a 43-storey downtown Seattle office tower.
SLS Hotels is to open a 184-room property on 14 floors of a new downtown Seattle office tower. The 43-storey building, which is set to be the tallest new construction in the city for 20 years, is being developed by Daniels Real Estate and Stockbridge Capital Group.
Sam Nazarian, chairman and CEO of SBE Entertainment Group LLC, which owns the SLS brand, confirmed that the hotel will occupy the second through 15th floors of the tower. Construction will start on the $400 million tower in October, with completion is scheduled for mid-2016.
“We’ve had our eye on Seattle for years, and with the local hospitality market trending in a very positive direction, we’re extremely pleased to announce our plans for SLS Hotel Seattle,” said Nazarian. The hotel will feature designs by Philippe Starck, his first project in Seattle.
Seattle’s hotel market has outperformed the US in general – figures from STR show 2012 average occupancy up to 71 per cent from 69 per cent in 2011, and average nightly rates up five per cent to $120.39.